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Another seven banks were shuttered last week, bringing the number of bank failures in 2010 to 37. The most recent casualties came from Alabama, Georgia, and Minnesota on Friday alone. Earlier in the week, banks in Utah and Ohio were added to the count.Advanta Bank, in Draper Utah, wasn't able to attract a buyer. The FDIC stepped in and approved payouts for insured deposits, with checks to depositors expected to be mailed on Monday. Advanta had $1.6 million in assets and $1.5 million in deposits.
National Bank and Trust in Wilmington, Ohio took on the $70.3 million in assets and $49.9 million in deposits held by American National bank, which consisted only of a single branch. It is sharing in losses on $49.8 million of the bank's assets.
Century Security Bank of Duluth, Georgia had $96.5 million in assets and $94 million in deposits. Bank of Upson will assume the assets and deposits, sharing in losses on $81.5 million.
The 37 bank failures so far dwarf the totals for 2007 and 2008. In 2009, 140 banks failed, the highest total since 1992. The pace of failures is expected to quicken this year, as well. The climate has caused many banks to tighten their lending standards, and last year, bank lending sustained its sharpest decline since World War II. The volume of loans fell $587.3 billion, according to the FDIC, approximately 7.5%.
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