US Bank Failure Tally Tops 84

The combined cost of Friday's closures to the FDIC is an estimated USD 446 M. File photo

Regional banks in Maryland, Minnesota and California were closed by regulators Friday, bringing the total number of failed banks this year to 84, the Federal Deposit Insurance Corporation said.

Baltimore, Md.-based Bradford Bank, which operated nine branches, will reopen Monday as part of Manufacturers and Traders Trust Company.

M&T, which is based in Albany, N.Y., agreed to assume all of Bradford Bank's USD 383 M in deposits and will purchase "essentially all" of its USD 452 M in assets, the FDIC said.

In Minnesota, the eight branches of Mainstreet Bank of Forest Lake will be taken over by Stillwater-based Central Bank.

Central will pay a premium of 0.1% to the FDIC for the failed bank's USD 434 M in deposits and will purchase its USD459 M in assets, the FDIC said.

Affinity Bank of Ventura, California, operated 10 branches which will be taken over by Pacific Western Bank.

Pacific Western will assume all of Affinity's deposits of approximately USD 922 M and purchase its USD 1 B in assets, according to the FDIC.

The combined cost of Friday's closures to the FDIC is an estimated USD 446 M.

 

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