Regulators close 5 banks in 4 states

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Associated Press

Posted on April 28, 2012 at 10:01 AM

Updated Saturday, Apr 28 at 10:02 AM

WASHINGTON (AP) — Federal regulators have closed two banks in Maryland and one each in Minnesota, South Carolina and California, bringing to 22 the number of U.S. banks that have failed so far this year.

The Federal Deposit Insurance Corp. said Friday that it shuttered Bank of Eastern Shore, in Cambridge, Md., as well as HarVest Bank of Maryland, in Gaithersburg.

Regulators also closed Inter Savings Bank in Maple Grove, Minn., Plantation Federal Bank in Pawleys Island, S.C., and Palm Desert National Bank in Palm Desert, Calif.

Combined, the closed banks had $1.42 billion in assets and $1.34 billion in deposits as of Dec. 31.

The FDIC estimates that the banks' failure will cost the insurance fund $272.6 million, combined

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