Regulators shut down 7 banks in Calif., Fla., Mass., Mich. for total of 49 closures this year

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

WASHINGTON — Regulators have shut down seven banks — three in Florida, two in California, and one each in Massachusetts and Michigan — putting the number of U.S. bank failures this year at 49.

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 Innovative Bank, based in Oakland, Calif.; Tamalpais Bank of San Rafael, Calif.; Butler Bank in Lowell, Mass., and Lakeside Community Bank in Sterling Heights, Mich.

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

WASHINGTON (AP) — 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.