Regulators Close Eight Banks, Total 2010 Failures Top 118

Eight U.S. banks were shut down last Friday by the Federal Deposit Insurance Corp., bringing the total number of failed U.S. banks to 118 this year.
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Regulators Close Eight Banks, Total 2010 Failures Top 118
The Federal Deposit Insurance Corporation headquarters is seen in this October 1, 2008 photo in Washington, DC. Eight banks were closed, according to a report published on Aug. 20, 2010. (Karen Bleier/AFP/Getty Images)
8/22/2010
Updated:
10/1/2015

<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/83073429.jpg" alt="The Federal Deposit Insurance Corporation headquarters is seen in this October 1, 2008 photo in Washington, DC. Eight banks were closed, according to a report published on Aug. 20, 2010. (Karen Bleier/AFP/Getty Images)" title="The Federal Deposit Insurance Corporation headquarters is seen in this October 1, 2008 photo in Washington, DC. Eight banks were closed, according to a report published on Aug. 20, 2010. (Karen Bleier/AFP/Getty Images)" width="320" class="size-medium wp-image-1815819"/></a>
The Federal Deposit Insurance Corporation headquarters is seen in this October 1, 2008 photo in Washington, DC. Eight banks were closed, according to a report published on Aug. 20, 2010. (Karen Bleier/AFP/Getty Images)
Eight U.S. banks were shut down last Friday by the Federal Deposit Insurance Corp., bringing the total number of failed U.S. banks to 118 this year.

The biggest bank to fail was Chicago-based ShoreBank—with 15 branches in several states—which will reopen on Monday as Urban Partnership Bank.

As of June 30, ShoreBank had assets of $2.16 billion and total deposits of $1.54 billion. ShoreBank has been in business for 37 years.

Other banks that closed on Friday inclue Butte Community Bank based in Chico, Calif., Pacific State Bank based in Stockton, Calif., Ocala, Fla.-based Independent National Bank of Ocala, Bartow, Fla.-based Community National Bank, Westamerica Bancorporation based in San Rafael, Calif., Los Padres Bank of Solvang, Calif., and Martinsville, Va.-based lender Imperial Savings and Loan Association.