Regulators on Friday reportedly closed down its banks in Maryland, Oklahoma and New York. With this, the total number of banks marking its failure raised to 90, this year. However, the last year witnessed nearly 140 in the same list.
Keith Geary, CEO of the Geary Cos. in Oklahoma City and a banking expert, posted Home National's "ill-timed, aggressive” expansion into a beleaguered Arizona market that fueled the banks’ collapse.
The Federal Deposit Insurance Corp. outlined that it was named as the receiver of Bay National Bank and Ideal Federal Savings Bank, both being Baltimore based.
Bay National Bank had reported to bear nearly $282.2 million in assets, while, over $276.1 million in deposits as of March 31. Ideal Federal Savings Bank possessed $6.3 million in assets, in addition to $5.8 million in deposits.
In addition, the FDIC also grabbed control of Home National Bank in Blackwell, Okla., and USA Bank in Port Chester, N. Y.
Home National Bank is listed to be the 90th FDIC-insured firm to witness its collapse this year, and the first one in the Oklahoma list. The last FDIC-insured institution closed in the state was First State Bank of Altus on July 31.