Banks in California, Illinois, Florida, Texas Are Shut Down

By: AP Staff
By: AP Staff

WASHINGTON (AP) - Regulators have shut four more banks, boosting to 20 the number of U.S. bank failures this year. The latest closures are in California, Illinois., Florida and Texas.

The Federal Deposit Insurance Corp. took over La Jolla Bank in California on Friday. Also seized was George Washington Savings Bank in Illinois.

The other seized banks were Marco Community Bank in Florida and La Coste National Bank in Texas.

Florida is among the states with the highest concentration of bank failures. Last year, 14 banks failed in the state. Also high on the list are California, Georgia and Illinois.

As the economy has weakened, with unemployment rising, home prices tumbling and loan defaults soaring, bank failures have accelerated.

The 140 bank failures last year were the highest annual tally since 1992, at the height of the savings and loan crisis.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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