Thread: Florida, Maryland, Utah Banks Shut as Financial Crisis Deep

Florida, Maryland, Utah Banks Shut as Financial Crisis Deepens

By Ari Levy

Jan. 31 (Bloomberg) -- Banks in Florida, Maryland and Utah were closed yesterday as regulators wrapped up the busiest month for failures since the housing slump began in 2006.

Ocala National Bank in Florida and Suburban Federal Savings Bank of Crofton, Maryland, were shut by federal regulators, according to statements sent by the Federal Deposit Insurance Corp. MagnetBank of Salt Lake City was seized by the Utah Department of Financial Institutions. The banks had total assets of $876.4 million and deposits of $790 million.

Six banks have failed this month as tumbling home prices and a 16-year high in unemployment boost foreclosures. The FDIC classified 171 banks as “problemâ€

So when do the real estate bargains start?