103 Banks Failed This Year

Seven more banks were closed by regulators, bringing the total for this year to 103. The bank failures occurred even as many banks reported improved second-quarter earnings. The bank failures are expected to cost the Federal Deposit Insurance Corp. (FDIC) insurance fund $431 million, according to the Wall Street Journal. The seven latest banks to fail are:

• Home Valley Bank, based in Cave Junction, OR. South Valley Bank & Trust of Klamath Falls entered into an agreement with the FDIC to assume all of Home Valley Bank’s deposits.
• SouthwestUSA Bank, based Las Vegas, NV. Plaza Bank of Irvine, CA will assume all of SoutwestUSA Bank’s deposits.
• Community Security Bank, based in New Prague, MN.  Roundbank, based in Waseca will assume all of Community Security Bank’s deposits.
• Thunder Bank, based in Sylvan Grove, KS. The Bennington State Bank, Salina is assuming  Thunder Bank’s deposits.
• Williamsburg First National Bank, based in Kingstree, SC.
• Crescent Bank and Trust Co., based in Jasper, GA. First Citizens Bank and Trust Co., Columbia, SC, is assuming Crescent Bank and Trust’s deposits.
• Sterling Bank, based in Lantana, FL.  IberiaBank of Lafayette, LA, is assuming Sterling Bank’s deposits.

If your FDIC-insured bank is on the list of failed banks, your money should be safe up to $250,000.

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