The Federal Deposit Insurance Corp., in charge of safeguarding bank deposits and resolving failed banks, said that regulators have closed four banks: the George Washington Savings Bank in Illinois, La Jolla Bank in California, La Coste National Bank in Texas and Marco Community Bank of Marco Island, Florida, bringing the total number of closures for the year to twenty.

It is predicted that the recent financial crisis has made the year 2010 as the year of maximum failures as is evident from the data which follows.

La Jolla Bank, FSB, which had 10 branches, had about $3.6 billion in assets and $2.8 billion in deposits. George Washington Savings Bank, which had four branches, had $412.8 million in assets and $397.0 million in deposits. La Coste National Bank had $53.9 million in assets and $49.3 million in deposits. Marco Community Bank had $119.6 million in assets and $117.1 million in total deposits.

Industry’s earnings for the fourth quarter of 2009 would be revealed, and an updated figure of the number of banks on its problem list would be provided. Last year, 140 banks had failed compared to 25 in 2008. This indicates that the banking industry's recovery will lag the overall economy as institutions continue to cope with deteriorating loans.