US banking authorities closed small banks in California, Florida, Michigan and Wisconsin on Friday, bringing the total number of bank failures in 2011 to 18. The Federal Deposit Insurance Corporation (FDIC) announced the following closures on Friday:
Peoples State Bank, based in Hamtramck, Michigan, with 10 branches, was closed. Its deposits were assumed by First Michigan Bank. As of December 31, Peoples State Bank had some $390.5 million in assets and $389.9 million in deposits. Canyon National Bank in Palm Springs, California, was closed. Canyon National Bank's three branches will reopen as part of Pacific Premier Bank. As of December 31, Canyon National Bank had about $210.9 million in assets and $205.3 million in deposits.
Sunshine State Community Bank of Port Orange, Florida, which has five branches, will reopen as Premier American Bank. As of December 31, Sunshine State Community Bank had some $125.5 million in assets and $116.7 million in deposits. Badger State Bank of Cassville, Wisconsin, was closed. Its sole branch will re-open at part of the Royal Bank. As of December 31, Badger State Bank had approximately $83.8 million in assets and $78.5 million in deposits.
In 2010, 157 banks failed while 140 failed in 2009. The bulk of the failures have increasingly been smaller institutions, those with less than $1 billion in assets, as large banks have recovered more quickly from the 2007-2009 financial crisis.
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