Review of Friday's Bank Closures

Local news often provides insights and history on the banks that failed. Here are some articles from local newspapers on last Friday's bank closures:

• Detroit News: Sterling Heights bank first of 2010 to fail in Michigan, "For the third and fourth quarters of 2009, Lakeside received the lowest BauerFinancial rating: zero stars."
• Boston Globe: Regulators seize small Lowell bank, "Butler Bank became the first financial institution in Massachusetts to fail in 16 years"
• Tampa Tribune: FDIC closes Riverside National Bank, "Riverside was a four-star bank that fell into trouble two years ago."
• LA Times: Koreatown's Center Bank takes over Oakland rival [Innovative Bank] in failure of 8 U.S. institutions
• San Francisco Business Times: FDIC seizes, sells Tamalpais Bank to Union Bank, "Tamalpais Bank was among the Bay Area's most aggressive lenders during the credit bubble, depending heavily on high-cost deposits funneled through brokerage firms to make the loans."
• The Daily Herald: City Bank sold to Whidbey Island Bank, "City Bank was given an ultimatum weeks ago, as was Frontier Financial Corp. of Everett: Raise capital or be sold to the highest bidder. The banks were given deadlines that expired in the last week."