Washington (AP) The cascade of bank failures this year has now surpassed 100, the most in nearly two decades.

On Friday, regulators took over eight banks, including the Bank of Elmwood in Racine, Wisconsin, and Riverview Community Bank, based in Otsego (aht-SEE'-goh), Minnesota. They also took over three small Florida banks, along with American United Bank of Lawrenceville, Georgia, and First Dupage Bank in Westmont, Illinois.

That brings the total to 106 bank failures the most in any year since 181 collapsed in 1992, at the end of the savings-and-loan crisis.

When a bank fails, the Federal Deposit Insurance Corporation swoops in, usually on a Friday afternoon. It tries to sell off the bank's assets to buyers and cover its liabilities, primarily customer deposits. It taps the insurance fund to cover the rest.

Bank failures have cost the FDIC's fund that insures deposits an estimated $25 billion this year.

(Copyright 2009 by The Associated Press. All Rights Reserved.) APNP 10-23-09 2302CDT | save this article / add to your favorites list