A look at the stories on HousingWire’s weekend desk…with more coverage to come on bigger issues.
Regulators closed three banks over the weekend, making it 72 total bank failures for 2009. The Federal Deposit Insurance Corp. (FDIC) estimates that the closings will cost a combined $185m.
The Florida Office of Financial Regulation closed the First State Bank in Sarasota, Florida, which costs the FDIC $116m. Stearns Bank will purchase all but $8m of the $387m in total deposits and agreed to buy $451m of the failed bank’s $463m in total assets.