US Bank Failures Reach 103 So Far In 2010.

U.S. Regulators also closed one more bank on Friday, taking the total number of bank failures in the country to 103 so far this year.

Home Valley Bank, Cave Junction was closed by the Oregon Department of Consumer and Business Services, and the Federal Deposit Insurance Corporation was named Receiver.
The FDIC entered into a purchase and assumption agreement with South Valley Bank & Trust, Klamath Falls, Oregon, to assume all of the deposits of Home Valley Bank.

The five branches of Home Valley Bank will reopen on Monday as branches of South Valley Bank & Trust. Depositors of Home Valley Bank will automatically become depositors of South Valley Bank & Trust.

As of March 31, 2010, Home Valley Bank had about $251.80 million in total assets and $229.6 million in total deposits. South Valley Bank & Trust will pay the FDIC a premium of 1.05%to assume all of the deposits of Home Valley Bank. In addition to assuming all of the deposits of the failed bank, South Valley Bank & Trust agreed to purchase essentially all of the assets.


The FDIC and South Valley Bank & Trust entered into a loss-share transaction on $211.6 million of Home Valley Bank's assets. South Valley Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement.

Regulators had closed 64 banks, by this time last year. The FDIC anticipates the cost of resolving failed banks to total about $60 billion from 2010 through 2014.