State and federal regulators on Friday shut down four more banks, bringing to 57 the number of U.S. banks and savings and loan associations that have failed during 2009.
All but one of the failed banks were included in
recent list of 89
undercapitalized banks and thrifts
. So far, 18 of the undercapitalized institutions listed on May 28 have failed.
All four of the failed institutions were overwhelmed by nonperforming construction and commercial real estate loans, following the pattern of the majority of this year's bank failures.
The Georgia Department of Banking and Finance shut down
First Piedmont Bank
of Winder, Ga. and appointed the Federal Deposit Insurance Corp. receiver. The FDIC sold all the failed institution's deposits and branches to
First American Bank and Trust
of Athens, Ga.
South Dakota regulators closed
of Sioux Falls, S.D. The FDIC was appointed receiver and sold all of BankFirst's deposits and branches to
of Grand Forks, N.D.
The Office of the Comptroller of the Currency took over
of Rancho Cucamonga, Calif. and appointed the FDIC receiver. The FDIC then sold all of the failed bank's retail deposits and branches to
California Bank & Trust
of San Diego, which is a subsidiary of
(ZION - Get Report)
Lastly, California regulators shuttered
Temecula Valley Bank
of Temecula, Calif., which was held by
Temecula Valley Bancorp
. The FDIC was appointed receiver and sold the failed bank's retail deposits to
First-Citizens Bank and Trust
of Raleigh, N.C. First-Citizens is a subsidiary of
First Citizens Bancshares
(FCNCA - Get Report)
All previous bank failures since the beginning of 2008 are detailed on
interactive bank failure map: