The number of US banks bearing the brunt of the recession reached 96 this week, as the industry regulators reported the liquidation of Metro Bank of Dade County, Turnberry Bank of Aventura and four others.
Looking at the complexity of the situation, North American Financial Holdings Inc. has declared to purchase three of the liquidated banks.
North American bought two failed banks in Florida and one in South Carolina, told Federal Deposit Insurance Corp., yesterday.
Federal Deposit Insurance Corp. acquired First National Bank of the South, Mainstreet Savings Bank of Hastings, Woodlands Bank, based in Bluffton and Olde Cypress Community Bank of Clewiston, this Friday.
The banks acquired by North American Financial Holdings are: MetroBank, Turnberry Bank, and First National Bank of the South.
The investors in all the three banks have been advised to call FDIC toll-free at 1-800-450-5143 for any enquiries.
It has been estimated that the regulators are going to shut the maximum number of banks this years, while the process is on since 1992.
At present, FDIC has as many as 775 banks with assets worth $431 billion, enumerated for a scrutiny since March 31. The number of banks shut by the regulators in 2009 was 57.