Federal regulators close Oregon failing bank Friday

February 22, 2009
12:48 am

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Federal regulators close Oregon failing bank Friday

Silver Falls Bank the 14th U.S. failed bank in 2009 closed Friday.

San Francisco, CA (JusticeNewsFlash.com)–Reuters reported on Saturday the 14th bank in the United States was closed in Silverton, Oregon by federal regulators on Friday. Bank regulators cite the economic fallout and plummeting housing prices have taking their toll on financial institutions across the country leading to 14 American bank closures within the first two months of 2009.

The Federal Deposit Insurance Corp (FDIC) says the Citizens Bank of Corvallis, Oregon agreed to buy close to $13 million in assets comprised of cash, securities, overdraft loans, deposit secured loans and cash equivalents. The failure of Silver Falls Bank will cost the FDIC deposit insurance fund $50 million according to federal banking regulators. Citizens Bank will assume all deposits of the failed bank and reopen for regular banking business in all three branches on Monday as Citizens Bank.

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