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October 12, 2010

Failed-banks list to 50, FDIC reports

The FDIC on April 16 closed eight failed banks, raising the yearly total to 50 and estimating potential added costs to the Deposit Insurance Fund of $984.7 million.

The largest institution in this group, Riverside National Bank of Florida, had $3.42 billion in assets. Its resolution is expected to cost the DIF an estimated $491.8 million. It was the 46th bank closed by the FDIC this year.

On April 8, NCUA announced the fifth liquidation of an insured credit union. South End Mutual Benefit Association Inc., a state-chartered credit union in Bloomfield, Conn., was closed with $2.4 million in total assets. It had 385 members.

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