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US bank failures in 2010 surpass 100 - Live5News.com | Charleston, SC | News, Weather, Sports

US bank failures in 2010 surpass 100

WASHINGTON (AP) - U.S. bank failures this year have surpassed a bleak milestone of 100 as regulators shut down banks in Georgia, Florida, South Carolina, Kansas, Nevada and Minnesota.

The six bank seizures announced Friday bring to 102 the failures so far in 2010. The pace of bank closures this year is well ahead of that of last year, which saw a total 140 bank shuttered amid the recession and mounting loan defaults.

The Federal Deposit Insurance Corp. said it took over Crescent Bank and Trust Co., based in Jasper, Ga., with about $1 billion in assets; Sterling Bank of Lantana, Fla., with $407.9 million in assets; Williamsburg First National Bank of Kingstree, S.C., $139.3 million in assets; Thunder Bank of Sylvan Grove, Kan., $32.6 million; SouthwestUSA Bank, with one branch in Las Vegas, $214 million; and Community Security Bank of New Prague, Minn., $108 million.

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