US regulators close three banks, taking year's tally to 133

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.