Seven banks fail; 3 in Puerto Rico: total assets $25.7BSubmitted by SteveMT on Fri, 04/30/2010 - 17:09
An expensive day for the FDIC and us.
Banks closed in Puerto Rico, Mich., Mo., Wash.
Regulators shut down 7 banks in Puerto Rico, Mo., Mich., Wash.; brings total to 64 this year
Marcy Gordon, AP Business Writer, On Friday April 30, 2010, 9:29 pm
WASHINGTON (AP) -- Regulators have shut down three banks in Puerto Rico, two in Missouri and one each in Michigan and Washington, bringing the number of U.S. bank failures this year to 64.
The Federal Deposit Insurance Corp. took over the banks: Westernbank Puerto Rico, based in Mayaguez, with about $11.9 billion in assets; R-G Premier Bank of Puerto Rico, based in Hato Rey, with around $5.9 billion in assets; and San Juan-based Eurobank, with $2.5 billion in assets.
The FDIC also seized CF Bancorp, based in Port Huron, Mich., with about $1.6 billion in assets; Champion Bank, of Creve Coeur, Mo., with $187.3 million in assets; BC National Banks, of Butler, Mo., with $67.2 million in assets; and Frontier Bank, based in Everett, Wash.