Zro

Holiday weekend or no, it's back to Bank Failure Friday. Latest casualty (number 22 for 2009) is North Carolina's Cape Fear Bank. Carolina-based First Federal has agreed to assume all Cape Fear's deposits and its 8 branches will reopen on Monday under the First Federal banner. Estimated cost to FDIC: $131 million.

New Frontier Bank of Greeley, Colorado also went under.

The FDIC did not tap a buyer for New Frontier Bank, and instead created the Deposit Insurance National Bank of Greeley. The FDIC named San Francisco-based Bank of the West to manage the entity, which will stay open for about 30 days to give New Frontier Bank's customers time to open accounts at other insured institutions.

New Frontier Bank has $2 billion in assets and $1.5 billion in deposits, $4 million of which potentially exceeded the insurance limits. Regular deposit accounts are insured up to $250,000.

finance.yahoo.com/news...