Five financial institutions closed in the U.S.A

Five financial institutions closed in the U.S.


U.S.A bank regulator closed four banks on Friday and a loan fund, Reuters reported.

According to the spokesman of the Federal deposit Insurance Corporation (FDIC) Andrew Gray new bankruptcies regulator confirmed the allegations that there will be an increase in the number of bank bankruptcies this year.

So far this year 29 banks have closed the country to 25 for all 2008 and three in 2007

Gray refused to estimate how many more banks may go bankrupt.

Among the closed financial institutions is based in Miramar, Florida loan fund Eastern Financial Florida Credit Union. It has assets worth about 1.6 billion dollars and about 200 thousand members. Its operations will be temporarily managed by other fund loan from Florida - Space Coast Credit Union.

Insolvent banks are First Bank of Beverly Hills, California (about 1.5 billion dollars of assets and deposits 1 billion dollars), First Bank of Idaho (approximately 488.9 million assets and deposits 374 million), Michigan Heritage Bank (about 184.6 million assets and deposits 151.7 million) and American Southern Bank, Georgia (112.3 million total assets and deposits 104.3 million).