The Feds Claim Two More Banks

Two Top 40 banks were closed by regulators this week.

The first was 20th ranked Wakulla Bank of Crawfordville, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. As of June 30, 2010, Wakulla Bank had approximately $424.1 million in total assets and $386.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Centennial Bank (ranked 4347th) of Conway, AR agreed to assume nearly all deposits of the failed bank.

The second was 26th ranked Shoreline Bank of Shoreline, Washington. It had approximately $104.2 million in total assets and $100.2 million in total deposits as of the most recent quarter. GBC International Bank (2687th) of Los Angeles, CA has agreed to assume all deposits excluding certain brokered deposits.