Bank 150x150 Eight Banks Fail Across Four States The number of failed banks rises to 118 this year as regulators shut down another eight banks on Friday. The largest of the banks to go under was ShoreBank Corp. which has 15 branches in Chicago, Cleveland and Detroit.

ShoreBank had $2.16 billion in assets and attempted to receive funds for a bailout on Aug. 5 but was denied. Under a deal with the FDIC the bank will reopen as Urban Partnership Bank which has acquired all of ShoreBank’s assets.

Four banks in California have also closed, along with two in Florida and one in Virginia. Los Padres Bank was the largest in California with assets of $870 million. it was sold to pacific Western Bank. Butte Community Bank with total assets of $499 million was also sold off. Others to fail were Sonoma Valley Bank with $337 million in assets and Pacific State Bank of Stockton which had total assets of $312 million.

The two banks to shut down in Florida were Community National Bank and Independent National Bank. Imperial Savings and Loan of Martinsville, Virginia was also shut down and sold to River Community Bank, NA.

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