CNN Money reports that three more banks failed Friday bringing the total of failed banks in 2009 to 32. We mentioned Silverton Bank's closing in an earlier post. Silverton Bank is a banker's bank - it does not handle consumer loans and deposits. The other two banks closed Friday were the Citizens Community Bank in Ridgewood, New Jersey and America West Bank in Layton, Utah.
State regulators shut down Citizens Community Bank Friday night, and named the FDIC as the receiver. The Ridgewood, N.J.- based bank had total assets of approximately $45.1 million and total deposits of $43.7 million as of Dec. 31.
North Jersey Community Bank, of Englewood Cliffs, N.J., has agreed to assume all of the deposits of the failed bank. The failed bank's single office will reopen Monday as the North Jersey Community Bank.
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On Friday evening the FDIC also became the receiver of America West Bank, after the Utah regulators closed the institution. The Layton, Utah-based bank had total assets of approximately $299.4 million and total deposits of $284.1 million as of Dec. 31.
Cache Valley Bank, based in Logan, Utah, is assuming all deposits, paying discounted price of $352,000. It also agreed to buy nearly $11 million worth of America West's assets and took a 30-day option to purchase loans at book value. The FDIC estimates that the cost to the Deposit Insurance Fund will be $119.4 million.
The FDIC closing information for Citizens Community Bank can be found here and the FDIC closing information for America West Bank can be found here.
CNN Money 
