Five more regional banks – two in California, two in Georgia, and one in Minnesota – were closed by regulators on Friday. These latest failures bring the total number of shuttered financial institutions in 2009 to 45. Only mid-way through the year and already official bank closures are nearly double what they were in all of 2008, when 25 institutions were forced to shut their doors.
Mirae Bank in Los Angeles was acquired by L.A.‘s Wilshire State Bank. Mirae Bank had total assets of $456 million and total deposits of approximately $362 million. MetroPacific Bank in Irvine, California was also closed. The small community MetroPacific Bank had total assets of $80 million and deposits of approximately $73 million, which were acquired by Sunwest Bank of Tustin, California.

The Georgia Department of Banking and Finance shut down Neighborhood Community Bank of Newnan, Georgia, and Community Bank of West Georgia in Villa Rica on Friday. CharterBank in West Point, Georgia, agreed to step in and take over Neighborhood Community Bank, with assets of $221.6 million and deposits totaling $191.3 million. The FDIC could not find a taker for Community Bank of West Georgia, which had $199.4 million in assets and $182.5 million in deposits.
In Minnesota, Horizon Bank of Pine City was closed. Horizon Bank had total assets of $87.6 million and deposits of approximately $69.4 million. It was acquired by Stearns Bank, National Association in St. Cloud, Minnesota.
The FDIC’s Deposit Insurance Fund has already taken a hit from the substantial increase in insured-bank closures this year. The agency estimates that these five failures will cost it $264.2 million.