Bank fails - 68

Bank Failures Bring Total to 68

Regulators on Friday shut down banks in Florida, Minnesota, Arizona and California, bringing the number of bank failures to 68 this year.

The Bank of Bonifay, based in Bonifay, Fla., which had $242.9 million in assets and $230.2 million in deposits; and Access Bank, in Champlin, Minn., with $32 million in assets and $32 million in deposits.

The agency also seized Towne Bank of Arizona, in Mesa, with $120.2 million in assets and $113.2 million in deposits; and 1st Pacific Bank of California in San Diego, with $335.8 million in assets and $291.2 million in deposits.

First Federal Bank of Florida, in Lake City, agreed to acquire Bonifay’s deposits and about $78.1 million of its assets. The F.D.I.C. will keep the remainder for eventual sale.

PrinsBank of Prinsburg, Minn., will assume Access’s deposits and assets.

With the 68 closures so far this year, the pace of bank failures is double that of 2009.