Three more U.S. banks closed

March 13, 2010 at 8:58 AM
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WASHINGTON, March 13 (UPI) -- The closing of three small banks in Louisiana, Florida and New York brings to 30 the number of U.S. banks closed so far this year, regulators said.

In all, 195 U.S. banks have failed since just after the official start of the recession in December 2008, The Wall Street Journal reported Saturday.

Friday, state regulators closed Statewide Bank, of Covington, La., Park Avenue Bank in New York City and Old Southern Bank, of Orlando, Fla.

Park Avenue had assets of $520.1 million and deposits of $494.5 million at the end of 2009, the Federal Deposit Insurance Corp. said. The bank's deposits and nearly all of its assets were assumed by Valley National Bank, based in Wayne, N.J. The FDIC said it agreed to share in losses on $379.8 million in assets sold to Valley National Bank.

Old Southern Bank had assets of $315.6 million and deposits of $319.7 million. The assets were sold to Centennial Bank, based in Conway, Ark. with the FDIC agreeing to share in losses on $282.7 million.

Statewide had assets of $243.2 million and deposits of $208.8 million. Nearly all of the deposits and most of the assets were assumed by Home Bank of Lafayette, La., with the FDIC sharing in losses on $163.5 million of the assets.

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