WASHINGTON (AP) — Regulators on Friday shut down a trio of banks in Indiana, Virginia and South Carolina, boosting to 61 the number of U.S. bank failures this year. The pace of closures has slowed, however, as the economy has stabilized and banks work their way through the bad debt accumulated in the Great Recession. By this time last year, regulators had shuttered 108 banks.
The Federal Deposit Insurance Corp. seized the three banks, the largest by far being Integra Bank, based in Evansville, Ind., with 52 branches, $2.2 billion in assets and $1.9 billion in deposits.
The bank recently had been trying to raise fresh capital and sell non-essential assets as it struggled under the weight of souring loans for commercial real estate and land development.
Also shuttered were Virginia Business Bank, with one branch in Richmond, Va., $95.8 million in assets and $85 million in deposits, and BankMeridian, based in Columbia, S.C., with three branches, $239.8 million in assets and $215.5 million in deposits. — Associated Press
