Saturday February 14, 2009
Navivest

Four more banks fell victim to the deteriorating economy and were closed by financial regulators in their respective states on Friday.

The banks, Pinnacle Bank, Beaverton, OR, Corn Belt Bank and Trust Company Pittsfield, IL, Riverside Bank of the Gulf Coast, Cape Coral, FL, Sherman County Bank, Loup City, NE were all relative small banks, with assets under $600 million.

The Federal Deposit Insurance Corporation, which insures U.S. banks, was named receiver of the banks and it has entered into purchase and assumption agreements with other banks that will now assume the deposits of the failed banks.

Pinnacle Bank had total assets of approximately $73 million and total deposits of $64 million as of December 31, 2008. Its deposits have been assumed by Washington Trust Bank of Spokane, Washington, which also agreed to purchase about $72 million in assets, at a discount of $7.6 million. The

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