Feds shut down more banks - KWWL - Eastern Iowa Breaking News, Weather, Closings

Feds shut down more banks


Federal regulators have closed one bank each in Florida, Georgia and Illinois, lifting the number of American bank failures this year to 68.

The Federal Deposit Insurance Corp. seized Lydian Private Bank, based in Palm Beach, Fla., with $1.7 billion in assets and $1.24 billion in deposits.  Also shuttered were two smaller institutions: First Southern National Bank in Statesboro, GA., with $164.6 million in assets and $159.7 million in deposits, and First Choice Bank in Geneva, Ill., with $141 million in assets and $137.2 million in deposits.

The failure of Lydian Private Bank is expected to cost the deposit insurance fund $293.2 million. That of First Southern National Bank 31is expected to cost $39.6 million; that of First Choice, $31 million.

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