Bank closings hit 100 for year; most since 1992 - KWWL - Eastern Iowa Breaking News, Weather, Closings

Bank closings hit 100 for year; most since 1992

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WASHINGTON (KWWL) - Bank closings for the year hit 100 when regulators shut down Partners Bank in Florida. Financial institutions nationwide have collapsed under the weight of soured real estate loans and the Great Recession.

The Federal Deposit Insurance Corp. took over Partners Bank, a small bank in Naples, with $68.7 million in assets and $63.4 million in deposits.

The 100 failures are the most in a year since 1992 at the height of the savings-and-loan crisis. They have cost the federal deposit insurance fund about $25 billion so far this year, and hundreds more bank failures are expected to raise the cost to around $100 billion through 2013.

Online News Director Nate Leding

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