Federal regulators close three more banks - KWWL - Eastern Iowa Breaking News, Weather, Closings

Federal regulators close three more banks

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WASHINGTON, D.C. (KWWL) -

Federal regulators have shut down two small banks in Florida and one in Colorado, bringing number of U.S. bank failures this year to 58.

The Federal Deposit Insurance Corp. on Friday seized Southshore Community Bank in Apollo Beach, Fla., LandMark Bank of Florida in Sarasota, Fla., and Bank of Choice in Greeley, Colo.

Southshore Community Bank had about $46.3 million in assets and $45.3 million in deposits. LandMark Bank had about $275 million in assets and $246.7 million in deposits.  Bank of Choice had roughly $1.07 billion in assets and $924.9 million in deposits.

Southshore Community Bank had two branches, LandMark Bank of Florida had six, and Bank of Choice had 17.

The failures are expected to cost the deposit insurance fund $331.4 million, combined.

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