The Federal Deposit Insurance Corp. was appointed receiver of five banks Friday, including one in Harvey, boosting to 69 the number of federally insured banks to fail this year amid the pressures of the weak economy and mounting loan defaults. Mutual Bank of Harvey, with $1.6 billion in assets and $1.6 billion in deposits, was the largest of the five closed Friday. It was shuttered by the …

Source:Harvey bank closes; taken over by Texas bank (Chicago Tribune)

SAN FRANCISCO—-The Federal Home Loan Bank of San Francisco announced July 31, 2009, that the 11th District Monthly Weighted Average Cost of Funds Index for June 2009 is 1.599%. The index for May 2009 was 1.832%.

Source:Federal Home Loan Bank of San Francisco Releases June 2009 Cost of Funds Index (Business Wire via Yahoo! Finance)

After returning to profitability in the first quarter, Coconut Grove Bank fell back into the red in the second quarter as it was hit with problem loan charges.

Source:Coconut Grove Bank slips to a loss (BizJournals)

Community Hospital Association in McCook, Neb., is the recipient of a $15 million loan from the Thayer County Bank of Hebron, Neb. that will be guaranteed by the USDA Rural Development.

Source:Final bank loan brings Community Hospital project funding to nearly $35 million (McCook Daily Gazette)

First Sound Bank said it lost $4.5 million in the second quarter, which bank officials attributed mainly to a $3.9 million increase in its loan-loss provision.

Source:First Sound Bank loses $4.5M in Q2 (BizJournals)