August 20, 2014
WASHINGTON (AP) - Federal regulators have closed three banks - one each in Utah, Florida and Maryland - bringing to six the total number of failures this year.
The Federal Deposit Insurance Corp. was appointed receiver of the banks: MagnetBank of Salt Lake City, Ocala National Bank of Ocala, Fla., and Suburban Federal Savings Bank in Crofton, Md.
The FDIC says it was unable to find another bank to take over MagnetBank's deposits and operations.
CenterState Bank of Florida is assuming the deposits of Ocala National Bank.
Bank of Essex in Tappahannock, Va., is taking over the deposits of Suburban Federal.
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