K Bank shut down by FDIC; 140 U.S. failures in ’10

Posted: 7:23 pm Fri, November 5, 2010
By Associated Press

WASHINGTON — Bank closings for the year have hit 140 with regulators shutting down a bank in Maryland. That equals the number of U.S. banks that failed in all of 2009.

The 140 failures are the most in a year since the savings-and-loan crisis two decades ago. The Federal Deposit Insurance Corp. on Friday took over K Bank, based in Randallstown, with $538.3 million in assets and $500.1 million in deposits. M&T Bank, based in Buffalo, N.Y., agreed to assume the deposits and $410.8 million of the assets of the failed bank.

The failure of K Bank is expected to cost the deposit insurance fund $198.4 million.