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 TheStreet.com's 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.
South Dakota regulators closed BankFirst of Sioux Falls, S.D. The FDIC was appointed receiver and sold all of BankFirst's deposits and branches to Alerus Financial of Grand Forks, N.D.
The Office of the Comptroller of the Currency took over Vineyard Bank 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 Zions Bancorporation (ZION).
Lastly, California regulators shuttered Temecula Valley Bank of Temecula, Calif., which was held by Temecula Valley Bancorp (TMCV). 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).
All previous bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive bank failure map:
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