Friday, April 16, 2010

Eight Banks Fail; Canada's Second Largest Lender Buys Three Of Them

It's bank failure Friday and today was no disappointment. Today regulators stepped up to the plate with Eight Bank Seizures as the number of failures in 2010 hits 50. http://www.reuters.com/article/idUSTRE63G07R20100417

U.S. regulators on Friday seized eight banks with assets totaling more than $6 billion, raising the tally this year to 51 failed banks and adding to the carnage of small institutions that is expected to peak this year.

The eight banks were the most authorities closed since nine were seized last October.

The failed banks were spread across the United States, from Washington state and California to Massachusetts and Florida. Banks have been failing at a consistent pace as the industry still works through large portfolios of troubled mortgages and commercial real estate loans.

The Federal Deposit Insurance Corp said the eight banks that failed were:

City Bank of Lynnwood, Washington, with assets of about $1.13 billion

Tamalpais Bank of San Rafael, California, with assets of $628.9 million

First Federal Bank of North Florida of Palatka, Florida, with assets of $393.9 million

AmericanFirst Bank, of Clermont, Florida, with assets of $90.5 million

Riverside National Bank of Florida, with assets of $3.42 billion

Butler Bank of Lowell, Massachusetts, with assets of $268 million

Lakeside Community Bank of Sterling Heights, Michigan, with assets of $53 million

Innovative Bank of Oakland, California, with assets of $284 million.

The recovery of the bank industry is lagging behind the recovery of the overall economy, which is regaining footing after the worst financial crisis since the 1930s.

FDIC Chairman Sheila Bair recently said bank failures will likely peak in the third quarter of this year.

Toronto-Dominion Buys Three Failed Banks

Inquiring minds are reading Toronto-Dominion Buys Three Failed Banks as 2010 Toll Hits 50 http://www.bloomberg.com/apps/news?pid= ... AIaUFyiq2M

Toronto-Dominion Bank, Canada’s second-largest lender, agreed to buy three Florida-based financial institutions as those and five other failures brought the number of 2010 closures to 50.

“These were all in locations that were in our master plan,â€