Taking the total number of bank failures to 26, regulators closed down banks in Maryland, Illinois, Florida and Utah, a development which has put increased pressure on the Federal Deposit Insurance Corp. to rapidly try and dispose off the mounting toxic assets.

As has been revealed by the FDIC in an official statement, the agency was not able to find any potential buyers for two of the banks - Centennial Bank in Ogden, Utah, and Waterfield Bank of Germantown, Maryland.

In the biggest of the failures that happened yesterday, with regards to assets, Boca Raton, Florida-based Sun American Bank was bought by First-Citizens Bank & Trust Co.

"South Florida is a great market for our company, especially with our focus on individuals, small- to mid-sized businesses and the medical community”, said Frank B. Holding Jr., Chief Executive Officer of First-Citizen.

Reports have revealed that lenders are now failing at the fastest pace in 17 long years, amid losses that are being continually incurred on residential and commercial real estate loans, which was picked up at the height of the market.