FDIC shutters 5 banks. Total for year 39

More bank closings.

Regulators have shut down a total of five banks in Florida, Georgia and Michigan, lifting the number of U.S. bank failures this year to 39. That follows157 bank closures in 2010 in a limping economy and mounting soured loans.

The Federal Deposit Insurance Corp. on Friday seized the banks: First National Bank of Central Florida, based in Winter Park, Fla., with $352 million in assets; Cortez Community Bank of Brooksville, Fla., with $70.9 million in assets; First Choice Community Bank of Dallas, Ga., with $308.5 million in assets; Park Avenue Bank, based in Valdosta, Ga., with $953.3 million in assets; and Community Central Bank in Mount Clemens, Mich., with $476.3 million in assets.

Read on-line: 5 banks fail in Fla., Ga., Mich.; makes 39 in '11 - BusinessWeek

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FDIC Shuts Four Banks; 18 In 2011

The FDIC marches on in its closing of failing banks. The newest banks, none in New Jersey, were closed during the week of February 7, 2010.

Read the full article. Regulators Shut Four Banks; Failure Toll Rises To 18 In 2011

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FDIC bank closures - and they're off!

The FDIC announced the closing of three banks this week, raising the total this year to 14.  While the banks are located in Georgia and Illnois, they are of the so-called "community bank" family.  They're banks that, well, get their money from folks in their operating neighborhood and lend it likewise.

Commercial loans are the bane of community banks.  A problem with a large loan or one given to a start-up business is quick to have an impact on the bank's financial operations.

Read the full report from the New York Times, Regulators Close 3 Failed Banks in Georgia and Illinois.

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Two more banks fail; U.S. tally at 127 - MarketWatch

According to a report from Market Watch, the FDIC has closed two more banks bringing the total of closed banks to 127.  While the FDIC press releases are mum about underlying reasons for the bank's poor performance leading to its closing, it seems clear that the financial marketplace is not getting better.

Read the full report: Two more banks fail; U.S. tally at 127 - MarketWatch

For your next title order or

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Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com