Things calmed down a bit on the bank failure front last week after the FDIC shut down five financial institutions on Friday, April 30.
Security Bank, in North Lauderdale, Florida, turned out to be not so secure. The three-branch bank, which has $101 million in assets, failed Friday, and was taken over by Banesco USA, a unit of Venezuela-based Banesco.
Through the first eighteen weeks of 2012, 23 banks with a combined $6.6 billion in assets failed. Compare that to 40 banks with a combined $17.1 billion in assets that failed in the first eighteen weeks of 2011.
Daniel Gross is economics editor at Yahoo! Finance.
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