The Joplin Globe, Joplin, MO

October 22, 2012

Three bank failures bring US 2012 total to 46


From The Associated Press

WASHINGTON — Regulators say they have closed two banks in Florida, and one in Missouri, bringing to 46 the number of U.S. bank failures this year.   

The Federal Deposit Insurance Corp. seized GulfSouth Private Bank and First East Side Savings Bank, both in Florida.

GulfSouth, based in Destin, had about $159.1 million in assets and $151.1 million in deposits as of June 30.

First East Side, based in Tamarac, had about $67.2 million in assets and $65.9 million in deposits.

Regulators also shuttered Excel Bank, based in Missouri.

It had $200.6 million in assets and $187.4 million in deposits.

The FDIC arranged for lenders to assume the deposits and purchase the assets of each of the failed banks.

The three bank failures are expected to cost the deposit insurance fund $86.1 million.