One Hundredth Bank Failure in the U.S.

The Federal Deposit Insurance Corporation (FDIC) took over Partners Bank, a small bank in Naples, with $68.7 million in assets and $63.4 million in deposits. Stonegate Bank agreed to buy the deposits and assets of Partners Bank. Stonegate Bank is based in Fort Lauderdale, FL.

The last time the U.S. saw such a number of closures was 1992, at the height of the S&L crisis. That year, 120 financial institutions were shuttered. During the S&L crisis, closures peaked during 1989, when 534 banks were closed.

In 2008 there were 25 closures, and in 2007 only 3. The 100 closures have cost the FDIC about $25 billion so far this year. Despite federal assurances that a recovery is in swing, hundreds more bank failures are expected to raise the cost to around $100 billion through 2013.

Of the bank closures so far, California lender IndyMac Bank, which was shut down in July 2008, cost the FDIC the most: an estimated $10.7 billion loss. Depositors' money is not in danger. The FDIC is backed by the government, and deposits are guaranteed up to $250,000 per account, up from $100,000 in this time of recession.