U.S. bank failures top 100

Banks failures in Florida, Georgia, South Carolina, Kansas, Nevada, Minnesota and Oregon pushed the number of collapsed banks to 103 so far this year, despite many financial institutions this week reporting second-quarter earnings that topped last year's levels, The Wall Street Journal reported.

The Federal Deposit Insurance Corp. said the collapses would cost its insurance fund $431 million.

State regulators seized:

-- Crescent Bank & Trust Co., based in Jasper, Ga., which had 11 branches, $1.01 billion in assets and $965.7 million in deposits.

-- Sterling Bank of Lantana, Fla., which had six branches, $407.9 million in total assets and $372.4 million in deposits.

-- Home Valley Bank, based in Cave Junction, Ore., with five branches, $251.8 million in assets and $229.6 million in deposits.

-- SouthwestUSA Bank, which had one branch, $214 million in assets and $186.7 million in deposits.

-- Williamsburg First National Bank, based in Kingstree, S.C., with five branches, $139.3 million in assets and $134.3 million in deposits.

-- Community Security Bank of New Prague, Minn., with one branch, $108 million in assets and $99.7 million in deposits.

Other financial institutions agreed to pay premiums to buy the failed banks, the Journal said.

Copyright 2010 United Press International, Inc. (UPI).