Four More Banks Fail (FCNCA)

Four banks in as many states have been closed down by the US bank regualators. These banks are Sun American Bank of Boca Raton, Centennial Bank of Odgen, Bank of Illinois of Normal and Waterfield Bank of Germantown. According to FDIC Chairman Sheila Blair, bank failures are expected to remain high through 2010.

Sun American Bank has been acquired by First Citizens Bank (NASDAQ: FCNCA). Bank of Illinois of Normal has been taken over by Heartland Bank and Trust of Bloomington. The FDIC failed to find any buyer for Centennial Bank. Whereas, Waterfield Bank will remain open until April 5 to allow its depositors to move their accounts. FDIC has closed 26 banks in 2010.