3 Regional Banks Shut Down in Florida, Oregon

Three regional banks failed Friday, bringing the 2009 tally to 72, CNN reported, citing the Federal Deposit Insurance Corporation said.

Two Florida banks - First State Bank, of Sarasota, and Community National Bank of Sarasota County, in Venice, - and one Oregon bank -- Community First Bank, of Prineville - closed Friday.

St. Cloud, Minn.-based Stearns Bank, N.A., will assume control of the assets of both Florida banks, and Home Federal Bank, of Nampa, Idaho will assume the assets of the Oregon bank,the FDIC said.

The failure of First State Bank - which as of May 31 held assets worth USD 463 M and total deposits of USD 387 M- will cost the Deposit Insurance Fund an estimated USD116 M, according to the FDIC.

Community National had total assets of USD 97 M and total deposits of approximately USD 93 M as of June 30 , and its closure will cost USD 24 M, the FDIC said.

Community First Bank had total assets of USD 209 M and total deposits of approximately USD182 M. In addition to assuming all of the deposits of the failed bank, Home Federal Bank agreed to purchase approximately USD 197 M of assets, the FDIC said.

The FDIC estimates that this closure will cost the Deposit Insurance Fund USD 45 M.