WASHINGTON -- Small banks continued to succumb across the U.S., with state and federal regulators on Friday closing seven financial institutions in Florida, Georgia, Minnesota, Wisconsin and Illinois.The failures bring the number of U.S. banks shut down so far this year to 106 -- the highest number of failures in any single year since 1992.
State regulators in Wisconsin closed Racine's Bank of Elmwood, making it Friday's largest and costliest bank failure. Bank of Elmwood had total assets of $327.4 million and total deposits of $273.2 million. Tri City National Bank in Oak Creek, Wis., has agreed to assume all of Bank of Elmwood's deposits and essentially all of its assets.
In the other closings:
In Friday's second-largest failure, Illinois regulators closed First Dupage Bank, selling essentially all of its $279 million in assets and all of its $254 million in deposits to First Midwest Bank in Itasca, Ill.
Federal regulators closed Flagship National Bank in Bradenton, Fla., selling its deposits to First Federal Bank of Florida. They also closed Partners Bank in Naples, Fla., selling its deposits to Stonegate Bank in Fort Lauderdale.
Florida regulators closed Hillcrest Bank Florida in Naples, also selling its deposits to Fort Lauderdale's Stonegate. Georgia regulators closed American United Bank, of Lawrenceville, selling its deposits to Ameris Bank (ABCB) in Moultrie, Ga.
In Minnesota, state regulators closed Riverview Community Bank, selling essentially all of its $108 million in assets and all of its $80 million in deposits to Stillwater, Minn.'s Central Bank. The FDIC has agreed to share in losses on $75 million of Riverview's assets.
The closures show smaller banks, particularly those in the Southeastern U.S., are continuing to struggle even as a sluggish economic recovery appears to be taking hold across the U.S.
Separately on Friday, the National Credit Union Administration placed Mississippi's First Delta Federal Credit Union into conservatorship.
The 5,500-member credit union has assets of $5 million.
