Four US Banks have been shut down. The Regulators have closed the operation of banks in Maryland, Illinois, Florida and Utah. As a result, the total number of the closed Banks has gone up to 26 for the year.

This has undoubtedly created enormous pressure on the Federal Deposit Insurance Corporation. Now they need to dispose this additional quantity of toxic assets. However, FDIC has sold $1.81 billion of notes, which were collected as the mortgage securities from these failed banks.

According to FDIC, the search for the prospective buyers is still on for the two US banks, Centennial Bank operating in Ogden and Utah, and The Waterfield Bank operating in Germantown and Maryland.

Meanwhile, First-Citizens Bank & Trust Co. has purchased the Boca Raton and Sun American Bank .Chief executive officer of First-Citizens Frank B. Holding Jr. has said in a statement that South Florida has been a huge market for his company. And individuals, small to mid-sized businesses and the medical community has been their target market. Hence, the move will prove to be a positive one for the company.