Two banks were declared insolvent and closed by regulators Friday, bringing the number of failures nationwide to seven in the last two days and 75 in 1986.
State regulators closed Permian Bank of Odessa, Texas, saying the bank had been driven into insolvency by large loans to energy-related industries.
In Trimble, Tenn., The Farmers Bank of Trimble was declared insolvent and put into receivership under the Federal Deposit Insurance Corp.
Permian Bank was closed more than three months after the bank’s former president, Melvin Max Malone, was convicted on embezzlement and fraud charges.
The FDIC had been unable as of midafternoon to find a buyer for the bank, the fourth to fail in the Midland-Odessa area since 1983.
The failure…