Bank Failures, Regulators | featured news

Regulators closed Community Bank of Rockmart, Ga., on Thursday, raising the nationwide count of bank failures to 88 for the year.

Regulators closed Bank of the Commonwealth, of Norfolk, Va., and Citizens Bank of Northern California, based in Nevada City, bringing the nationwide tally of bank failures to 73 for the year.

Regulators closed Public Savings Bank of Huntingdon Valley, Pa., on Thursday, boosting to 65 the number of U.S. bank failures this year.

U.S. regulators announced the failures of two banks, in Nevada and Illinois, bringing the total number of failures this year to 28.

Regulators seized six banks Friday in the Southeast, Midwest and Northeast, marking 125 failures for 2010.

U.S. bank failures reached 108 so far in 2010 on Friday as regulators seized five small banks in the Pacific Northwest and the Southeast, none publicly traded.

Regulators closed six more banks around the country, marking the second consecutive year that more than 100 financial institutions have collapsed.

Regulators shut down two banking units of Irwin Financial Corp. Friday, marking the 93rd and 94th failures this year of federally insured banks.

The Federal Deposit Insurance Corp. was appointed receiver of Louisville, Ky.-based Irwin Union Bank FSB and Columbus, Ind.-based Irwin Union Bank and Trust Co.
As of Aug. 31, Irwin Bank FSB had $493 million in assets and $441 million in deposits, while Irwin Union Bank and Trust had $2.7 billion in assets and $2.1 billion in deposits.