Number of Bank Failures for 2010 Hits 20
Bank Failures

On Friday, regulators ended up shutting four more banks, across Florida to California, as even more local banks across the country continued to buckle under the pressure of the financial crisis.

So far in 2010, as many as 20 have been shut down by officials, and a total of 185 have failed since January of 2008, and regulators are expecting to lock many more by the end of the ongoing year.

Estimates shared by the Federal Deposit have speculated that Friday's closures will cost its deposit insurance funds over $1 Billion.

On Friday, the largest bank to fail was the La Jolla Bank, California, with 10 branches. With $3.6 Billion worth of assets, La Jolla has become the biggest bank to fail in 2010.

In Illinois, regulators locked the George Washington Savings Bank, a four branch bank in Orland Park. All $397 Million worth of deposits and $412.8 Million in assets of the bank have been sold to Ohio's FirstMerit Bank by FDIC.

The other two banks to be closed by regulators were Marco Community Bank, the only federally insured bank headquartered on Florida's Marco Island, and Texas's La Coste National Bank.

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