Regulators have closed a further six US
banks to bring bank failures for the year to date to 34.
By this stage last year, more than 50 US
banks had failed; by the end of the year, bank failures totaled
157.
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The Federal Deposit Insurance Corporation
(FDIC) shuttered lenders based in Alabama, Georgia, Minnesota and
Mississippi on 15 April, the largest of which was Alabama-based
Superior Bank.
Superior had a 73-branch-strong network
based in Alabama and Florida, assets of $3bn and $2.7 billion in
total deposits.
Its failure is expected to cost the FDIC’s
insurance fund $259.6 million.
To protect depositors, the FDIC entered
into a purchase and assumption agreement with Superior Bank, NA,
Alabama, a newly-chartered bank subsidiary of Community Bancorp of
Texas, to assume all of the deposits of Superior Bank.
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By GlobalData
