Federal Deposit Insurance Corporation or FDIC announced closing of eight banks, bringing the U.S. bank failure toll to 118 in 2010. According to the regulator, four banks were shut down in California, two in Florida and one each in Virginia and Illinois. The regulators closed a big community bank based in Chicago.
ShoreBank in Chicago:
FDIC stated that ShoreBank, Chicago, Illinois, which had 15 branches, was closed by the Illinois Department of Financial and Professional Regulation.
FDIC entered into purchase and assumption agreement with Urban Partnership Bank, Chicago, Illinois, to assume all of the deposits of ShoreBank.
As of June 30, 2010, ShoreBank had about $2.16 billion in total assets and $1.54 billion in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund will be $367.7 million.
California banks:
Butte Community Bank, Chico, California, and Pacific State Bank, Stockton, California, were closed by the California Department of Financial Institutions. Butte Community Bank had assets of $498.8 million and deposits of $471.3 million; and Pacific State Bank had $312.1 million assets and total deposits of $278.8 million. The cost to the insurance fund is $17.4 million and $32.6 million respectively.
Los Padres Bank, Solvang, California, which had 14 branches, had about $870.4 million in assets and $770.7 million in deposits. Pacific Western Bank, San Diego will assume its deposits and assets. FDIC estimate of the failure's cost to the insurance fund is $8.7 million.
Sonoma Valley Bank, Sonoma, California, which had three branches, had about $337.1 million in assets and $255.5 million in deposits. Westamerica Bank, San Rafael, California will assume all of Sonoma Valley Bank's deposits and almost all of its assets. The closing will cost the insurance fund $10.1 million.
Florida Banks:
Community National Bank at Bartow in Bartow, Florida, with about $67.9 million in assets and deposits of $63.7 million. The failure will cost the insurance fund about $10.3 million.
Independent National Bank, Ocala, Florida had total assets of $156.2 million and total deposits of $141.9 million. The failure will cost the insurance fund about $10.3 million.
CenterState Bank of Florida, National Association, Winter Haven, Florida, will assume deposits and essentially all assets of the two failed banks, FDIC stated.
Bank in Virginia:
Imperial Savings and Loan Association, Martinsville, Virginia, which had about $9.4 million assets and $10.1 million deposits. River Community Bank, National Association, Martinsville, Virginia, will assume bank's deposits and assets. The failure will cost the insurance fund $3.5 million.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.