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December 14, 2009

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FDIC shuts 3 banks in US to bring total to 133

UNITED States regulators closed Republic Federal Bank NA, SolutionsBank and Valley Capital Bank last Friday, bringing the total number of bank failures so far this year to 133, the Federal Deposit Insurance Corp said.

Community and regional banks have been failing at the highest annual level since 1992, as the industry grapples with souring loans tied to mortgages and commercial real estate loans made during the credit boom.

Failures are expected to peak next year, government officials have said.

Republic Federal Bank, the 13th FDIC-insured institution to fail in Florida this year, had assets of about US$433 million and total deposits of US$352.7 million.

FDIC entered into a purchase and assumption pact with 1st United Bank in Boca Raton, which will assume all of Republic's deposits.

SolutionsBank in Kansas had assets of about US$511.1 million and total deposits of US$421.3 million by September 30. Regulators entered into a deal with Arvest Bank of Arkansas, which will assume SolutionsBank's deposits.

Valley Capital Bank of Arizona had assets of just US$40.3 million and total deposits of about US$41.3 million.


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