The failure of another seven banks with combined assets of $2.4 billion and at a cost to the Federal Deposit Insurance Corporation (FDIC) of an estimated $478 million has taken total bank failures in the US this year to 139.
Last year, 140 US banks were shuttered by US regulators.
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Kansas-based Hillcrest Bank, with assets of $1.65 billion at the end of the second quarter, was the biggest of the seven banks to fail.
Massachusetts-based private-equity group, NBH Holdings, purchased the $1.54 billion in deposits of Hillcrest Bank through a newly chartered bank of the same name.
The FDIC and Hillcrest entered into a loss-sharing agreement on $1.15 billion of Hillcrest’s assets.
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