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Four more U.S. banks shut down

Sheila Bar, chairman of the Federal Deposit Insurance Corporation (FDIC), testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on the state of the banking industry in Washington on October 14, 2009. UPI/Kevin Dietsch
Sheila Bar, chairman of the Federal Deposit Insurance Corporation (FDIC), testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on the state of the banking industry in Washington on October 14, 2009. UPI/Kevin Dietsch | License Photo

WASHINGTON, March 6 (UPI) -- Regulators say they shut down banks in Florida, Maryland, Illinois and Utah, raising to 26 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. said Friday Sun American Bank, based in Boca Raton, Fla., Bank of Illinois of Normal, Ill., Waterfield Bank in Germantown, Md., and Centennial Bank in Ogden, Utah, had a total of $1.1 billion in assets and $1 billion in deposits.

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The $304.8 million cost of the closings will come out of a fund the FDIC maintains.

The largest of the four banks, Sun American, had $535.7 million in assets and $443.5 million in deposits and 12 branches. It is to reopen Monday under the name First-Citizens Bank & Trust Co., which is to assume its deposits and assets as part of a loss-sharing agreement with the FDIC.

Waterfield Bank, with only a single branch, had gotten $156.4 million in deposits from customers through the Internet and affinity groups. Waterfield, which closed with $155.6 million in assets, counted among its management two alumni of Goldman Sachs Group Inc., Randall and Richard Waterfield.

The Bank of Illinois, with $211.7 million in assets, will reopen under an agreement between the FDIC and Heartland Bank & Trust Co. in Bloomington. With two branches, the bank had $211.7 million in assets and $198.5 million in deposits.

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The Utah Department of Financial Institutions appointed the FDIC as a receiver for Centennial Bank, which had $215.2 million in assets and $205.1 million in deposits.

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