Regulators shut 5 banks as 2010 tally hits 78

Regulators shut 5 banks as 2010 tally hits 78

www.reuters.com

(Reuters) - U.S. regulators seized five more troubled banks on Friday, including three banks owned by Bank of Florida Corp, bringing the tally of banks closed so far this year to 78.

U.S.

The Federal Deposit Insurance Corp said Bank of Florida - Southeast; Bank of Florida - Southwest; and Bank of Florida - Tampa Bay had a combined $1.48 billion in assets and 13 branches between them.

EverBank of Jacksonville, Florida, has agreed to acquire the banking operations, including a combined $1.32 billion in deposits, the FDIC said.

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There has been a total of 78 banks closed this year alone and the bank closures are supposed to peak this year. Last year, 140 banks failed, yet we are supposed to far exceed that in 2010. All that is happening, is that the money and lending is getting consolidated and this is only the beginning of big things to come. Buckle your seat-belts guys/gals, we are in for a bumpy ride ahead.

What gets me, is our government and TPTB are trying to tell us that our economy is getting better. Yeah, right.

--airspoon


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