Regulators shut down 6 banks in Calif., Fla., Mass., Mich. for total of 48 closures this year

6 banks shut down in Calif., Fla., Mass., Mich.

WASHINGTON — Regulators have shut down six banks — three in Florida, and one each in California, Massachusetts and Michigan — putting the number of U.S. bank failures this year at 48.

The Federal Deposit Insurance Corp. on Friday took over the three Florida banks: Riverside National Bank in Fort Pierce, First Federal Bank of North Florida in Palatka and AmericanFirst Bank in Clermont.

The FDIC also seized Butler Bank in Lowell, Mass.; Lakeside Community Bank in Sterling Heights, Mich.; and Innovative Bank, based in Oakland, Calif.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

NEW YORK (AP) — Regulators shut down five banks Friday — three in Florida, and one each in Massachusetts and Michigan — putting the number of U.S. bank failures this year at 47.

The Federal Deposit Insurance Corp. said it took over Riverside National Bank of Florida in Fort Pierce, Fla. The bank has 58 branches and assets of $3.4 billion.

The government also took over First Federal Bank of North Florida in Palatka, Fla. It has eight branches and assets of $393.3 million.

The third bank the FDIC closed in the state was AmericanFirst Bank in Clermont, Fla. Its assets total $90.5 million. It has three branches.

The FDIC said TD Bank Financial Group’s TD Bank division acquired the operations, deposits and nearly all the assets of the three Florida banks.

Meanwhile, regulators also took over Butler Bank in Lowell, Mass. That bank has assets of $268 million. People’s United Bank in Bridgeport, Conn., agreed to assume all the deposits of Butler Bank.

The government also took over Lakeside Community Bank in Sterling Heights, Mich. It had assets of $53 million.

The FDIC couldn’t find a bank to take over Lakeside Community Bank. First Michigan Bank in Troy, Mich., agreed to assume the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments.

Depositors’ money is insured up to $250,000 per account by the FDIC, which is backed by the government.

Last year, 140 banks failed in the U.S. That was the highest annual number since 1992 during the peak of the savings and loan crisis. The failures last year cost the FDIC’s insurance fund more than $30 billion.

Twenty-five banks failed in 2008 and three in 2007.

FDIC Chairman Sheila Bair has predicted that the number of bank failures will peak this year and be slightly more than in 2009.