WASHINGTON -- The Federal Deposit Insurance Corp. has moved another five banks into receivership.
The 69 bank failures nationwide this year compare with 25 last year and three in 2007.
As the economy has soured, bank failures have cascaded and sapped billions out of the deposit insurance fund.
It now stands at its lowest level since 1993, $13 billion as of the first quarter.
The agency on Friday shut down Integrity Bank of Jupiter, Fla., First BankAmericano, based in Elizabeth, N.J., Peoples Community Bank, West Chester, Ohio, First State Bank of Altus, in Altus, Okla. and Mutual Bank of Harvey, Ill.
Mutual Bank was the largest of the five.
The FDIC expects U.S. bank failures to cost the insurance fund around $70 billion through 2013.
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