Three More Banks Seized By FDIC This Weekend

The financial crisis has swallowed three more banks in Georgia, Utah and New Jersey bringing this recession’s total bank failures to 56.

Through May 1, 32 banks have failed in the U.S. during 2009.  Twenty-five failed nationwide last year.  The latest bank failures include:

American West Bank, Layton, UT – Deposits were acquired by Cache Valley Bank, Logan, UT.  American West branches will reopen Monday as Cache Bank facilities.  The estimated cost to the FDIC’s Deposit Insurance Fund is $119.4 million.

Citizens Community Bank, Ridgewood, NJ – Deposits were acquired by North Jersey Community Bank, Englewood Cliffs, NJ.  Citizens Community’s sole office will reopen Monday as a branch of North Jersey Community Bank.  The estimated cost to the FDIC’s Deposit Insurance Fund is $18.1 million.

Silverton Bank, N.A., Atlanta, GA – There was no acquiring institution.  The FDIC has created a Bridge Bank to handle the wind down of Silverton Banks affairs.  Silverton’s bridge bank will open on Monday and operate until July 29.  The estimated cost to the FDIC’s Deposit Insurance Fund is $1.3 billion.