Regulators Close 7 Banks, Bringing Year's Total To 52; Double Last Year's Closings

Washington, D.C. (AHN) - Bank regulators closed seven more banks Thursday, which meant 52 banks have been closed this year, double the number that failed last year.

One of the failed banks was in Texas and the remaining six were in Illinois. No advance notice is given to the public when a bank is being closed, according to a statement by the Federal Deposit Insurance Corporation on its Website. The FDIC was named as receiver for all the closed banks.

Deposits were transferred to other banks and were immediately available. All the failed banks will be closed July 3, 4 and 5 for the holidays and reopen Monday as branches of the assuming banks the deposits were respectively transferred to, according to the FDIC Website.

Millennium State Bank of Texas, Dallas, TX will reopen as a branch of State Bank of Texas. The First National Bank of Danville, Danville, IL reopens as First Financial Bank, National Association, Terre Haute, IN. The Elizabeth State Bank, Elizabeth, IL will reopen as Galena State Bank and Trust Company, Galena, IL. Rock River Bank, Oregon, IL reopens as The Harvard State Bank, Harvard, IL. The First State Bank of Winchester, Winchester, IL will reopen as The First National Bank of Beardstown, Beardstown, IL. The John Warner Bank, Clinton, IL reopens as State Bank of Lincoln, Lincoln, IL. And Founders Bank, Worth, IL will reopen as The PrivateBank and Trust Company, Chicago, IL.

For more information see the FDIC Website.