Rough Friday Night For 4 Banks, Closed By The Feds

Federal regulators closed four banks on Friday night; the government has now shuttered 20 this year. 

The closed banks are:

 
·                     George Washington Savings Bank, Orland Park, Illinois (deposits assumed by FirstMerit Bank, NA, of Akron)
·                     La Jolla Bank of La Jolla, California (deposits assumed by OneWest Bank, FSB, of Pasadena)
·                     La Coste National Bank of La Coste, Texas (deposits assumed by Community National Bank, of Hondo, Texas)
·                     Marco Community Bank, Marco Island, Florida (deposits assumed by Mutual of Omaha Bank, Omaha).
 
The FDIC indicated that the costs to the Deposit Insurance Fund from these four bank closings will be $141.4 million (George Washington); $882.3 million (La Jolla); $3.7 million (La Coste); and $38.1 million (Marco).
 
If you have never read a federal government document explaining why it is closing a bank, take a look at http://files.ots.treas.gov/482120.pdf. Very interesting reading.