US regulators close four small banks

US bank regulators closed four small banks in Florida, Illinois, Nebraska and Oregon on Friday, bringing the number of bank failures to 13 so far this year. In 2008, 25 banks were seized by officials, up from only 3 in 2007. The Federal Deposit Insurance Corp said on Friday it closed:
* Riverside Bank of the Gulf Coast in Cape Coral, Florida, with $539 million in assets and $424 million in deposits. Its failure is expected to cost the deposit insurance fund an estimated $201.5 million. Riverside's deposits will be assumed by TIB Bank of Naples, Florida and Riverside's nine branches will reopen on Tuesday as branches of TIB.
* Corn Belt Bank and Trust Co of Pittsfield, Illinois, with $271.8 million in assets and $234.4 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $100 million. Corn Belt Bank and Trust Co's deposits will be assumed by Carlinville National Bank of Carlinville, Illinois, and Corn Belt's two offices will reopen on Tuesday as branches of Carlinville National.
* Sherman County Bank of Loup City, Nebraska, with $129.8 million in assets and $85.1 million in deposits, a failure expected to cost the FDIC's insurance fund an estimated $28 million. Heritage Bank of Wood River, Nebraska agreed to assume all of the deposits of Sherman County Bank, whose four branches will reopen on Tuesday as branches of Heritage Bank. * Pinnacle Bank of Beaverton, Oregon, with $73 million in assets and $64 million in deposits, expected to cost the FDIC's insurance fund an estimated $12.1 million.
Washington Trust Bank of Spokane, Washington, agreed to assume the insured deposits of Pinnacle Bank, whose sole branch will reopen on Tuesday as a branch of Washington Trust Bank. Monday is a federal holiday in the United States. Customers can access their money over the weekend by check, teller machine or debit card, the FDIC said.
The biggest US bank failure ever occurred last September with the demise of Seattle-based Washington Mutual with $307 billion in assets. Its banking business was bought by J.P. Morgan Chase & Co. The FDIC will insure up to $250,000 per account through 2009 and in individual retirement accounts at insured banks. The agency also has running a tally of problem banks that its examiners closely monitor. At the end of the third quarter, there were 171 undisclosed institutions on that list.