Saturday, August 15, 2009

Five more US bank closures brings total to 77

WASHINGTON — US regulators have shut down five more regional banks, bringing the total number of US bank failures to 77 this year, the US government announced.

The Federal Deposit Insurance Corporation (FDIC) said Colonial Bank of Montgomery became the largest US bank to fail this year after it was declared bankrupt and had the bulk of its assets taken over by rival BB&T.


All of Alabama-based Colonial's 346 branches will reopen Saturday.

Community Bank of Arizona in Phoenix.

Union Bank of Gilbert, another Arizona institution shut down by regulators.

Dwelling House Savings and Loan Association of Pittsburgh, Pennsylvania.

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