WASHINGTON, April 17 (Reuters) – Bank regulators closed American Sterling Bank bank on Friday, the 24th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corp said Missouri-based American Sterling had $181 million in assets and $171.9 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $42 million.
In 2008, 25 U.S. banks were seized by officials, up from only 3 in 2007