WASHINGTON, July 31 (UPI) -- Federal banking regulators say they closed down five banks in four states in takeovers of struggling financial institutions.
The failures took place in Georgia, Florida, Washington state and Oregon, where the Eugene-based LibertyBank chain was the largest of the casualties.
LibertyBank, which had total deposits of $718.5 million at the end of March, will be assumed by Idaho's Home Federal Bank, the Federal Deposit Insurance Corp said.
The Wall Street Journal said the other failed banks included the nine-branch Cowlitz Bank in Washington, state which also operates as Bay Bank; Coastal Community Bank in Panama, Fla., Port Saint Joe-based Bayside Savings Bank and NorthWest Bank & Trust of Acworth, Ga.
The FDIC said the closures brought the total number of bank failures in the United States this year to 108 and cost the FDIC insurance fund almost $335 million.
