Bank failure is 83rd in '10; pace more than double last year's

Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.

The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. 

As losses have mounted on loans made for commercial property and development, the growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, and its deficit stood at $20.7 billion as of March 31.

The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.

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