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Eight more banks failed last week, bringing the 2010 total to 50. Three of the failures were in Florida, and two were in California. Massachusetts, Michigan and Washington had one bank failure each.
In Florida, the Federal Deposit Insurance Corporation took over Riverside National Bank, First Federal Bank of North Florida and AmericanFirst Bank. TD Bank Financial Group a division of Canadian company TD Bank (TD) took the deposits and nearly all the assets of each. Riverside National had $3.4 billion in assets, with First Federal at $393.3 million and AmericanFirst at $90.5 million.
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