Regulators close small banks in Nebraska, Utah for total of 87 bank failures in 2011

Via the Associated Press:

WASHINGTON - Regulators on Friday closed a small bank in Nebraska and another in Utah, bringing to 87 the number of bank failures in the U.S. this year.

The number of closures has fallen sharply this year as banks have worked their way through the bad debt accumulated in the recession. By this time last year, regulators had shuttered 143 banks.

The Federal Deposit Insurance Corp. seized Mid City Bank, based in Omaha, Neb., with $106.1 million in assets and $105.5 million in deposits, and SunFirst Bank, based in Saint George, Utah, with $198.1 million in assets and $169.1 million in deposits. Purdum State Bank, based in Purdum, Neb., agreed to assume the assets and deposits of Mid City Bank. Cache Valley Bank, based in Logan, Utah, is acquiring the deposits and $177.3 million of the loans and other assets of SunFirst Bank …

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