Three regional banks fail; total failures soar to 72
FDIC

U. S. regulators on Friday closed three banks, two in Florida and one in Oregon, bringing the tally of the federally insured banks to fail this year to 72.

Sarasota-based Community National Bank had $97 million in assets and $93 million in deposits. While another Sarasota-based lender, First State Bank had total assets of $463 million deposits of $387 million.

Prineville-based Community First Bank has possessed $209 million in assets and $182 million in deposits.

The Federal Deposit Insurance Corp, which was appointed receiver of the banks, estimated that its deposit fund would have to bear a cost of $185 million owing to the closure of the three banks.

FDIC informed that Stearns Bank of St. Cloud, Minn., agreed to assume all the deposits of Florida banks.

Idaho-based Home Federal Bank has agreed to assume almost all of Community First's $182 million in deposits. It has also agreed to buy 94% of Community First's $209 million in assets.

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