US banking regulators closed three regional banks on Friday, bringing the number of bank failures to 133 so far this year.
Regulators shut down Miami-based Republic Federal Bank, Kan.-based SolutionsBank and Ariz.-based Valley Capital Bank on Friday.
Customers of all the three failed banks are protected.
The Federal Deposit Insurance Corp. said that Fla.-based 1st United Bank agreed to assume Republic Federal Bank’s deposits.
Republic Federal Bank had assets worth $433 million and deposits totaling $352.7 million as of September 30.
The FDIC said that the closure of Republic Federal Bank will cost its deposit-insurance fund an estimated $122.6 million.
The failure of Valley Capital Bank, which had assets and deposits of $40.3 million and $41.3 million respectively as of September 30, will cost the insurance fund an estimated of $7.4 million.
The failure of SolutionsBank will cost the deposit-insurance fund an estimated $122.1 million. SolutionsBank possessed $421.3 million in deposits plus $511.1 million in assets at the end of September.
It may be noted here that this year banks have been failing at the highest annual level since 1992.