Three U.S. Banks Close, Bringing Failure Toll This Year to 98

By Dakin Campbell

Oct. 3 (Bloomberg) -- Banks in Minnesota, Michigan and Colorado were shut by regulators, bringing this year’s toll of U.S. failures to 98 amid the worst financial crisis in more than seven decades.

Jennings State Bank of Spring Grove, Minnesota, and Warren Bank of Warren, Michigan, were closed by state regulators and the Federal Deposit Insurance Corp. was named receiver, the agency said yesterday in statements on its Web site. Southern Colorado National Bank of Pueblo was closed by the Office of the Comptroller of the Currency, the FDIC said.

“Deposits will continue to be insured by the FDIC,â€