Four More Banks Fail

Yesterday, brought another round of banks shuttered. As has been the practice for awhile now, every Friday we see at least one bank shuttered. This week it was four (4), last week it was six (6). Making a total of 68, so far this year.

Those closed this week include:

1st Pacific Bank of California - San Diego, CA

All deposit accounts, excluding certain brokered deposits, have been transferred to City National Bank, Los Angeles, CA ("assuming institution") and will be available immediately. The former 1st Pacific Bank of California locations will reopen as branches of City National Bank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at City National Bank for six months after the failure of 1st Pacific Bank of California. Checks that were drawn on 1st Pacific Bank of California that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-866-674-8944 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

Towne Bank of Arizona - Mesa, AZ

All deposit accounts, excluding certain brokered deposits, have been transferred to Commerce Bank of Arizona, Tucson, AZ ("assuming institution") and will be available immediately. The former Towne Bank of Arizona locations will reopen as a branch of Commerce Bank of Arizona during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at Commerce Bank of Arizona for six months after the failure of Towne Bank of Arizona. Checks that were drawn on Towne Bank of Arizona that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-886-782-1766 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

Access Bank - Champlin, MN

All deposit accounts have been transferred to PrinsBank, Prinsburg, MN ("assuming institution") and will be available immediately. The former Access Bank locations will reopen as branches of PrinsBank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at PrinsBank for six months after the failure of Access Bank. Checks that were drawn on Access Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-866-954-9531 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

The Bank of Bonifay - Bonifay, FL

All deposit accounts have been transferred to First Federal Bank of Florida, Lake City, FL ("assuming institution") and will be available immediately. The former The Bank of Bonifay locations will reopen as branches of First Federal Bank of Florida during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at First Federal Bank of Florida for six months after the failure of The Bank of Bonifay. Checks that were drawn on The Bank of Bonifay that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-800-517-8236 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

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