By John Letzing, MarketWatchMay 14, 2010
SAN FRANCISCO (MarketWatch) -- The closure on Friday of Midwest Bank and Trust Co., which had over $5 billion in deposits and assets, helped bring the number of U.S. bank failures for the year to 72.
Midwest Bank /quotes/comstock/15*!mbhi/quotes/nls/mbhi (MBHI 0.15, -0.07, -30.23%) had disclosed in a regulatory filing earlier in the week that it likely would be placed in receivership because of undercapitalization. The bank had 23 branches, $2.42 billion in deposits and $3.17 billion in assets as of March 31, according to the Federal Deposit Insurance Corp.
Its failure will cost the deposit-insurance fund $216.4 million, the FDIC said.
Springfield, Mo.-based Southwest Community Bank was also closed by regulators Friday. Southwest Community Bank had $102.5 million in deposits as of March 31, the FDIC said, and its failure will cost the deposit-insurance fund $29 million.
Other banks closed Friday included Plymouth, Mich.-based New Liberty Bank, which had $101.8 million in deposits as of March 31, and St. Marys, Ga.-based Satilla Community Bank, which had $134 million in deposits as of March 31.
The closures of New Liberty Bank and Satilla Community Bank will cost the deposit-insurance fund a combined $56.3 million, the FDIC said.Midwest Bank, other failures bring '10 tally to 72 - MarketWatch
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