WASHINGTON (AP) — Regulators have shut down small banks in Florida and Washington state, lifting to 129 the number of U.S. bank failures this year as loan defaults have mounted and economic distress has lingered.
The Federal Deposit Insurance Corp. on Friday took over Wakulla Bank, based in Crawfordville, Fla., with $424.1 million in assets and $386.3 million in deposits, and Shoreline Bank in Shoreline, Wash., with $104.2 million in assets and $100.2 million in deposits.
Centennial Bank, based in Conway, Ark., agreed to assume the assets and deposits of Wakulla Bank. GBC International Bank, based in Los Angeles, is assuming the assets and deposits of Shoreline Bank.
