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Three more U.S. banks go under

July 23, 2011 at 10:12 AM   |   Comments

WASHINGTON, July 23 (UPI) -- Federal regulators said American Momentum Bank in Tampa, Fla., would take over two failed banks in the state this week.

The Federal Deposit Insurance Corp., said Momentum would assume responsibility for accounts at LandMark Bank and Southshore Community Bank, which became the eighth and ninth banks to fail in Florida this year.

In Greeley, Colo., the Bank of Choice has also failed, The Wall Street Journal reported Saturday.

Bank of Choice's accounts would be taken over by Bank Midwest NA of Kansas City, Mo.

The FDIC said six-branch firm LandMark Bank had about $275 million in assets and $246.7 million in deposits. Southshore Community Bank, with two branches, had $46.3 million in assets and $45.3 million in deposits.

Bank of Choice, a 17-branch-office bank, is the fifth to fail in Colorado in 2011.

The state with the most bank failures for 2011 is Georgia with 16. Florida is second with nine bank failures this year.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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