Banks From Florida, 3 Other States Fail At Cost Of $341 Million

Regulators seized four banks with combined assets of $1.01 billion and deposits of $808 million in Florida, Illinois, Nebraska, and Oregon on Friday, Feb. 13, in moves that will generate estimated losses of $341 million for the Federal Deposit Insurance Corp.

This latest round of bank failures is comprised of Florida's Riverside Bank of the Gulf Coast with assets of $539 million and deposits of $424 million; Illinois' Corn Belt Bank and Trust Co. with assets of $272 million and deposits of $234 million; Oregon's Pinnacle Bank with assets of $73 million and deposits of $64 million; and Nebraska's Sherman County Bank with assets of $130 million and deposits of $85 million, according to the FDIC.

The seizures come a week after regulators shut three banks in California and Georgia with assets of $3.2 billion and deposits of $2.5 billion on Feb. 6 at an estimated cost to the FDIC of $452 million, according to a report from the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC.

For the year, regulators have closed 13 institutions with combined assets of $6.7 billion and deposits of $5.6 billion. The failed banks have been located in nine states (California with three failures, Florida and Illinois each with two bank failures) are estimated to cost close to $1.6 billion, according to Condo Vultures®.

In 2008, regulators shut 25 institutions from 13 states with combined assets of $374 billion and deposits of $234 billion. The estimated losses of the 2008 bank failures is between $10.4 billion and $14.9 billion, according to the report.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2009, Condo Vultures® LLC