ECON 2010 Failed Banks

I drove by the Home Valley in Grants Pass last Thursday night before the announcement was made. It was 10PM...the place was full of guys in shirts and ties.....whoa audit? Next day....Friday....word was out... they were closed. Here was the kicker...funds were frozen over the weekend...PITA for those who had accounts.

Failed Bank 7-30-10#1

http://www.fdic.gov/news/news/press/2010/pr10172.html
Press Releases

State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of NorthWest Bank and Trust, Acworth, Georgia

FOR IMMEDIATE RELEASE
July 30, 2010
Media Contact:
LaJuan Williams-Young
(202) 898-3876
Email: Lwilliams-young@fdic.gov

NorthWest Bank and Trust, Acworth, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of NorthWest Bank and Trust.

The two branches of NorthWest Bank and Trust will reopen on Saturday as branches of State Bank and Trust Company. Depositors of NorthWest Bank and Trust will automatically become depositors of State Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of NorthWest Bank and Trust should continue to use their existing branch until they receive notice from State Bank and Trust Company that it has completed systems changes to allow other State Bank and Trust Company branches to process their accounts as well.

This evening and over the weekend, depositors of NorthWest Bank and Trust can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, NorthWest Bank and Trust had approximately $167.7 million in total assets and $159.4 million in total deposits. State Bank and Trust Company did not pay the FDIC a premium for the deposits of NorthWest Bank and Trust. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the failed bank's assets.

The FDIC and State Bank and Trust Company entered into a loss-share transaction on $107.6 million of NorthWest Bank and Trust's assets. State Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-591-2916. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/NorthWestga.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.8 million. Compared to other alternatives, State Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. NorthWest Bank and Trust is the 104th FDIC-insured institution to fail in the nation this year, and the 11th in Georgia. The last FDIC-insured institution closed in the state was Crescent Bank and Trust Company, Jasper, on July 23, 2010.

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Failed Bank 7-30-10#2

http://www.fdic.gov/news/news/press/2010/pr10174.html

Centennial Bank, Conway, Arkansas, Acquires All of the Deposits of Two Institutions in Florida
Bayside Savings Bank, Port Saint Joe and Coastal Community Bank, Panama City Beach

FOR IMMEDIATE RELEASE
July 30, 2010
Media Contact:
LaJuan Williams-Young
(202) 898-3876
Email: Lwilliams-young@fdic.gov

Bayside Savings Bank, Port Saint Joe, Florida and Coastal Community Bank, Panama City Beach, Florida, were closed today by federal and state banking agencies, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for both institutions. To protect depositors, the FDIC entered into purchase and assumption agreements with Centennial Bank, Conway, Arkansas, to assume all the deposits and essentially all the assets of the two failed institutions.

Bayside Savings Bank was closed by the Office of Thrift Supervision, and Coastal Community Bank was closed by the Florida Office of Financial Regulation.

Collectively, the two failed institutions operated 13 branches, which will reopen as branches of Centennial Bank during normal business hours, including those offices with Saturday hours. Bayside Savings Bank has two branches, and Coastal Community Bank has eleven branches.

Depositors of Bayside Savings Bank and Coastal Community Bank will automatically become depositors of Centennial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers of the two failed institutions should continue to use their former branches. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards.

As of March 31, 2010, Bayside Savings Bank had total assets of $66.1 million and total deposits of $52.4 million. Coastal Community Bank had total assets of $372.9 million and total deposits of $363.2 million. Centennial Bank did not pay the FDIC a premium for the deposits of the failed banks. In addition to assuming all the deposits from the two Florida institutions, Centennial Bank will purchase virtually all their assets.

The FDIC and Centennial Bank entered into loss-share transactions on $48.3 million of Bayside Savings Bank's assets and $302.8 million of Coastal Community Bank's assets. Centennial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Bayside Savings Bank customers, 1-800-405-6318; and for Coastal Community Bank customers, 1-800-523-0640. The phone number for Bayside Savings will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 8:00 a.m. to 6:00 p.m., EDT; on Sunday from noon until 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT; and during the same hours, Central Daylight Time, for Coastal Community Bank customers.

Interested parties can also visit the FDIC's Web sites: for Bayside Savings Bank, http://www.fdic.gov/bank/individual/failed/bayside.html; and for Coastal Community Bank, http://www.fdic.gov/bank/individual/failed/coastal.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.2 million for Bayside Savings Bank and $94.5 million for Coastal Community Bank. Compared to other alternatives, Centennial Bank's acquisition was the least costly resolution for the FDIC's DIF.

These two closings bring total closures for the year to 106 banks in the nation, and the 19th and 20th in Florida. Prior to these failures, the last bank closed in Florida was Sterling Bank, Lantana, on July 23, 2010.

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Failed Bank 7-30-10 #3

http://www.fdic.gov/news/news/press/2010/pr10174.html



Press Releases

Centennial Bank, Conway, Arkansas, Acquires All of the Deposits of Two Institutions in Florida
Bayside Savings Bank, Port Saint Joe and Coastal Community Bank, Panama City Beach

FOR IMMEDIATE RELEASE
July 30, 2010
Media Contact:
LaJuan Williams-Young
(202) 898-3876
Email: Lwilliams-young@fdic.gov

Bayside Savings Bank, Port Saint Joe, Florida and Coastal Community Bank, Panama City Beach, Florida, were closed today by federal and state banking agencies, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for both institutions. To protect depositors, the FDIC entered into purchase and assumption agreements with Centennial Bank, Conway, Arkansas, to assume all the deposits and essentially all the assets of the two failed institutions.

Bayside Savings Bank was closed by the Office of Thrift Supervision, and Coastal Community Bank was closed by the Florida Office of Financial Regulation.

Collectively, the two failed institutions operated 13 branches, which will reopen as branches of Centennial Bank during normal business hours, including those offices with Saturday hours. Bayside Savings Bank has two branches, and Coastal Community Bank has eleven branches.

Depositors of Bayside Savings Bank and Coastal Community Bank will automatically become depositors of Centennial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers of the two failed institutions should continue to use their former branches. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards.

As of March 31, 2010, Bayside Savings Bank had total assets of $66.1 million and total deposits of $52.4 million. Coastal Community Bank had total assets of $372.9 million and total deposits of $363.2 million. Centennial Bank did not pay the FDIC a premium for the deposits of the failed banks. In addition to assuming all the deposits from the two Florida institutions, Centennial Bank will purchase virtually all their assets.

The FDIC and Centennial Bank entered into loss-share transactions on $48.3 million of Bayside Savings Bank's assets and $302.8 million of Coastal Community Bank's assets. Centennial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Bayside Savings Bank customers, 1-800-405-6318; and for Coastal Community Bank customers, 1-800-523-0640. The phone number for Bayside Savings will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 8:00 a.m. to 6:00 p.m., EDT; on Sunday from noon until 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT; and during the same hours, Central Daylight Time, for Coastal Community Bank customers.

Interested parties can also visit the FDIC's Web sites: for Bayside Savings Bank, http://www.fdic.gov/bank/individual/failed/bayside.html; and for Coastal Community Bank, http://www.fdic.gov/bank/individual/failed/coastal.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.2 million for Bayside Savings Bank and $94.5 million for Coastal Community Bank. Compared to other alternatives, Centennial Bank's acquisition was the least costly resolution for the FDIC's DIF.

These two closings bring total closures for the year to 106 banks in the nation, and the 19th and 20th in Florida. Prior to these failures, the last bank closed in Florida was Sterling Bank, Lantana, on July 23, 2010.

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Failed Bank 7-30-10 #4

http://www.fdic.gov/news/news/press/2010/pr10175.html



Press Releases

Heritage Bank, Olympia, Washington, Assumes All of the Deposits of The Cowlitz Bank, Longview, Washington

FOR IMMEDIATE RELEASE
July 30, 2010
Media Contact:
LaJuan Williams-Young
(202) 898-3876
Email: Lwilliams-young@fdic.gov

The Cowlitz Bank, Longview, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank, Olympia, Washington, to assume all of the deposits of The Cowlitz Bank.

The nine branches of The Cowlitz Bank, including the two branches operating in Oregon, and three branches operating in Washington under the name Bay Bank, a division of The Cowlitz Bank, will reopen on Saturday during normal banking hours as branches of Heritage Bank. Depositors of The Cowlitz Bank will automatically become depositors of Heritage Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of The Cowlitz Bank should continue to use their existing branch until they receive notice from Heritage Bank that it has completed systems changes to allow other Heritage Bank branches to process their accounts as well.

This evening and over the weekend, depositors of The Cowlitz Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, The Cowlitz Bank had approximately $529.3 million in total assets and $513.9 million in total deposits. Heritage Bank paid the FDIC a premium of 1.0 percent for the deposits of The Cowlitz Bank. In addition to assuming all of the deposits of the failed bank, Heritage Bank agreed to purchase approximately $280.0 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Heritage Bank entered into a loss-share transaction on $160.9 million of The Cowlitz Bank's assets. Heritage Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-528-6215. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/cowlitz.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $68.9 million. Compared to other alternatives, Heritage Bank's acquisition was the least costly resolution for the FDIC's DIF. The Cowlitz Bank is the 107th FDIC-insured institution to fail in the nation this year, and the eighth in Washington. The last FDIC-insured institution closed in the state was Washington First International Bank, Seattle, on June 11, 2010.

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Failed Bank 7-30-10 #5

http://www.fdic.gov/news/news/press/2010/pr10176.html

Press Releases

Home Federal Bank, Nampa, Idaho, Assumes All of the Deposits of LibertyBank, Eugene, Oregon

FOR IMMEDIATE RELEASE
July 30, 2010
Media Contact:
LaJuan Williams-Young
Phone: (202) 898-3876
Email: Lwilliams-young@fdic.gov

LibertyBank, Eugene, Oregon, was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Home Federal Bank, Nampa, Idaho, to assume all of the deposits of LibertyBank.

The 15 branches of LibertyBank will reopen on Monday as branches of Home Federal Bank. Depositors of LibertyBank will automatically become depositors of Home Federal Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of LibertyBank should continue to use their existing branch until they receive notice from Home Federal Bank that it has completed systems changes to allow other Home Federal Bank branches to process their accounts as well.

This evening and over the weekend, depositors of LibertyBank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, LibertyBank had approximately $768.2 million in total assets and $718.5 million in total deposits. Home Federal Bank paid the FDIC a premium of 1.0 percent for the deposits of LibertyBank. In addition to assuming all of the deposits of the failed bank, Home Federal Bank agreed to purchase approximately $419.7 million of the failed bank's assets.

The FDIC and Home Federal Bank entered into a loss-share transaction on $300.0 million of LibertyBank's assets. Home Federal Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-523-8159. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/libertyor.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $115.3 million. Compared to other alternatives, Home Federal Bank's acquisition was the least costly resolution for the FDIC's DIF. LibertyBank is the 108th FDIC-insured institution to fail in the nation this year, and the third in Oregon. The last FDIC-insured institution closed in the state was Home Valley Bank, Cave Junction, on July 23, 2010.

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Failed Bank 8-6-10 #1

http://www.fdic.gov/news/news/press/2010/pr10181.html

Press Releases

Northbrook Bank and Trust Company, Northbrook, Illinois, Assumes All of the Deposits of Ravenswood Bank, Chicago, Illinois

FOR IMMEDIATE RELEASE
August 6, 2010
Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Ravenswood Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Northbrook Bank and Trust Company, Northbrook, Illinois, to assume all of the deposits of Ravenswood Bank.

The two branches of Ravenswood Bank will reopen on Saturday as branches of Northbrook Bank and Trust Company. Depositors of Ravenswood Bank will automatically become depositors of Northbrook Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Ravenswood Bank should continue to use their existing branch until they receive notice from Northbrook Bank and Trust Company that it has completed systems changes to allow other Northbrook Bank and Trust Company branches to process their accounts as well.

This evening and over the weekend, depositors of Ravenswood Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Ravenswood Bank had approximately $264.6 million in total assets and $269.5 million in total deposits. Northbrook Bank and Trust Company will pay the FDIC a premium of 0.90 percent on the non-brokered deposits of Ravenswood Bank. In addition to assuming the non-brokered deposits of the failed bank, Northbrook Bank and Trust Company agreed to purchase essentially all of the assets.

The FDIC and Northbrook Bank and Trust Company entered into a loss-share transaction on $161.3 million of Ravenswood Bank's assets. Northbrook Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-430-7974. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/ravenswood.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $68.1 million. Compared to other alternatives, Northbrook Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Ravenswood Bank is the 109th FDIC-insured institution to fail in the nation this year, and the thirteenth in Illinois. The last FDIC-insured institution closed in the state was Arcola Homestead Savings Bank, Arcola, on June 4, 2010.

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Failed Bank 8-13-10 #1

http://www.fdic.gov/news/news/press/2010/pr10189.html



Press Releases

First Midwest Bank, Itasca, Illinois, Assumes All of the Deposits of Palos Bank and Trust Company, Palos Heights, Illinois

FOR IMMEDIATE RELEASE
August 13, 2010
Media Contact:
David Barr
Office Phone: (202) 898-6992
Cell Phone: (703) 622-4790
Email: dbarr@fdic.gov
Palos Bank and Trust Company, Palos Heights, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois, to assume all of the deposits of Palos Bank and Trust Company.

The five branches of Palos Bank and Trust Company will reopen on Saturday as branches of First Midwest Bank. Depositors of Palos Bank and Trust Company will automatically become depositors of First Midwest Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Palos Bank and Trust Company should continue to use their existing branch until they receive notice from First Midwest Bank that it has completed systems changes to allow other First Midwest Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Palos Bank and Trust Company can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Palos Bank and Trust Company had approximately $493.4 million in total assets and $467.8 million in total deposits. First Midwest Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Palos Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets.

The FDIC and First Midwest Bank entered into a loss-share transaction on $343.8 million of Palos Bank and Trust Company's assets. First Midwest Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-913-3053. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/palosbank.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $72.0 million. Compared to other alternatives, First Midwest Bank's acquisition was the least costly resolution for the FDIC's DIF. Palos Bank and Trust Company is the 110th FDIC-insured institution to fail in the nation this year, and the fourteenth in Illinois. The last FDIC-insured institution closed in the state was Ravenswood Bank, Chicago, on August 6, 2010.

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Failed Bank 8-20-10 #1

http://www.fdic.gov/news/news/press/2010/pr10191.html

Press Releases

CenterState Bank of Florida, National Association, Winter Haven, Florida, Acquires All the Deposits of Two Banks in Florida
Community National Bank at Bartow, Bartow, and Independent National Bank, Ocala

FOR IMMEDIATE RELEASE
August 20, 2010
Media Contact:
Greg Hernandez
Phone: (202)898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Community National Bank At Bartow, Bartow, Florida, and Independent National Bank, Ocala, Florida, were closed today by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the two banks. To protect depositors, the FDIC entered into purchase and assumption agreements with CenterState Bank of Florida, National Association, Winter Haven, Florida, to assume all the deposits and essentially all the assets of the two failed banks, which were not affiliated with one another.

Collectively, the failed banks operated five branches, which will reopen as branches of CenterState Bank of Florida, N.A. under their normal business hours, including those offices with Saturday hours. Community National Bank At Bartow has one branch, and Independent National Bank has four branches. Depositors will automatically become depositors of CenterState Bank of Florida, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers of the two failed banks should continue to use their former branches until they receive notice from CenterState Bank of Florida, N.A. that it has completed systems changes to allow other CenterState Bank of Florida, N.A. branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Community National Bank At Bartow had total assets of $67.9 million and total deposits of $63.7 million; and Independent National Bank had total assets of $156.2 million and total deposits of $141.9 million. CenterState Bank of Florida, N.A. did not pay the FDIC a premium for the deposits of the two failed banks.

The FDIC and CenterState Bank of Florida, N.A. entered into loss-share transactions on $51.9 million of Community National Bank At Bartow's assets; and $119.7 million of Independent National Bank's assets. CenterState Bank of Florida, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Community National Bank At Bartow customers, 1-800-450-5668; and for Independent National Bank customers, 1-800-913-3058. The phone numbers will be operational this evening until 9:00 p.m. Eastern Daylight Time; on Saturday from 9:00 a.m. to 6:00 p.m. EDT; on Sunday from noon until 6:00 p.m. EDT; and thereafter from 8:00 a.m. to 8:00 p.m. EDT.

Interested parties also can visit the FDIC's Web sites: for Community National Bank At Bartow, http://www.fdic.gov/bank/individual/failed/cnbbartow.html; and for Independent National Bank, http://www.fdic.gov/bank/individual/failed/inatbank.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Community National Bank At Bartow will be $10.3 million; and for Independent National Bank, $23.2 million. Compared to other alternatives, CenterState Bank of Florida, N.A.'s acquisition was the least costly resolution for the FDIC's DIF.

These closings bring the total for the year to 112 banks in the nation, and the twenty-first and twenty-second in Florida. Prior to these failures, the last FDIC-insured institution closed in the state was Bayside Savings Bank, Port Saint Joe, on July 30, 2010.

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Failed Bank 8-20-10 #2

http://www.fdic.gov/news/news/press/2010/pr10193.html

Urban Partnership Bank, Chicago, Illinois, Assumes All of the Deposits of ShoreBank, Chicago, Illinois

FOR IMMEDIATE RELEASE
August 20, 2010
Media Contact:
David Barr
Phone: 202) 898-6992
Cell: (703) 622-4790
Email: dbarr@fdic.gov

ShoreBank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Urban Partnership Bank, Chicago, Illinois, a newly-chartered institution, to assume all of the deposits of ShoreBank.

The 15 branches of ShoreBank will reopen as branches of Urban Partnership Bank, including those in Detroit, Michigan, and Cleveland, Ohio, under their normal business hours, including those offices with Saturday hours. Depositors of ShoreBank will automatically become depositors of Urban Partnership Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of ShoreBank should continue to use their existing branch until they receive notice from Urban Partnership Bank that it has completed systems changes.

This evening and over the weekend, depositors of ShoreBank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, ShoreBank had approximately $2.16 billion in total assets and $1.54 billion in total deposits. Urban Partnership Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of ShoreBank. In addition to assuming all of the deposits of the failed bank, Urban Partnership Bank agreed to purchase essentially all of the assets except for the marketable securities and fixed assets.

The FDIC and Urban Partnership Bank entered into a loss-share transaction on $1.41 billion of ShoreBank's assets. Urban Partnership Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-523-8503. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/shorebank.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $367.7 million. Compared to other alternatives, Urban Partnership Bank's acquisition was the least costly resolution for the FDIC's DIF. ShoreBank is the 114th FDIC-insured institution to fail in the nation this year, and the fifteenth in Illinois. The last FDIC-insured institution closed in the state was Palos Bank and Trust Company, Palos Heights, on August 13, 2010.

Attachment:
Fact Sheet - PDF (PDF Help)

# # #

Failed Bank 8-20-10 #3

http://www.fdic.gov/news/news/press/2010/pr10192.html



Press Releases

River Community Bank, National Association, Martinsville, Virginia, Assumes All of the Deposits of Imperial Savings and Loan Association, Martinsville, Virginia

FOR IMMEDIATE RELEASE
August 20, 2010
Media Contact:
Greg Hernandez
Phone: (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Imperial Savings and Loan Association, Martinsville, Virginia, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with River Community Bank, National Association, Martinsville, Virginia, to assume all of the deposits of Imperial Savings and Loan Association.

The sole branch of Imperial Savings and Loan Association will reopen on Monday as a branch of River Community Bank, N.A. Depositors of Imperial Savings and Loan Association will automatically become depositors of River Community Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Imperial Savings and Loan Association should continue to use their existing branch until they receive notice from River Community Bank, N.A. that it has completed systems changes to allow other River Community Bank, N.A. branches to process their accounts as well.

This evening and over the weekend, depositors of Imperial Savings and Loan Association can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Imperial Savings and Loan Association had approximately $9.4 million in total assets and $10.1 million in total deposits. River Community Bank, N.A. did not pay the FDIC a premium for the deposits of Imperial Savings and Loan Association. In addition to assuming all of the deposits of the failed bank, River Community Bank, N.A. agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-517-1843. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/imperialsvgs.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.5 million. Compared to other alternatives, River Community Bank, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. Imperial Savings and Loan Association is the 113th FDIC-insured institution to fail in the nation this year, and the first in Virginia. The last FDIC-insured institution closed in the state was Greater Atlantic Bank, Reston, on December 4, 2009.

# # #

Failed Bank 8-20-10 #4

http://www.fdic.gov/news/news/press/2010/pr10191.html

CenterState Bank of Florida, National Association, Winter Haven, Florida, Acquires All the Deposits of Two Banks in Florida
Community National Bank at Bartow, Bartow, and Independent National Bank, Ocala

FOR IMMEDIATE RELEASE
August 20, 2010
Media Contact:
Greg Hernandez
Phone: (202)898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Community National Bank At Bartow, Bartow, Florida, and Independent National Bank, Ocala, Florida, were closed today by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the two banks. To protect depositors, the FDIC entered into purchase and assumption agreements with CenterState Bank of Florida, National Association, Winter Haven, Florida, to assume all the deposits and essentially all the assets of the two failed banks, which were not affiliated with one another.

Collectively, the failed banks operated five branches, which will reopen as branches of CenterState Bank of Florida, N.A. under their normal business hours, including those offices with Saturday hours. Community National Bank At Bartow has one branch, and Independent National Bank has four branches. Depositors will automatically become depositors of CenterState Bank of Florida, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers of the two failed banks should continue to use their former branches until they receive notice from CenterState Bank of Florida, N.A. that it has completed systems changes to allow other CenterState Bank of Florida, N.A. branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Community National Bank At Bartow had total assets of $67.9 million and total deposits of $63.7 million; and Independent National Bank had total assets of $156.2 million and total deposits of $141.9 million. CenterState Bank of Florida, N.A. did not pay the FDIC a premium for the deposits of the two failed banks.

The FDIC and CenterState Bank of Florida, N.A. entered into loss-share transactions on $51.9 million of Community National Bank At Bartow's assets; and $119.7 million of Independent National Bank's assets. CenterState Bank of Florida, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Community National Bank At Bartow customers, 1-800-450-5668; and for Independent National Bank customers, 1-800-913-3058. The phone numbers will be operational this evening until 9:00 p.m. Eastern Daylight Time; on Saturday from 9:00 a.m. to 6:00 p.m. EDT; on Sunday from noon until 6:00 p.m. EDT; and thereafter from 8:00 a.m. to 8:00 p.m. EDT.

Interested parties also can visit the FDIC's Web sites: for Community National Bank At Bartow, http://www.fdic.gov/bank/individual/failed/cnbbartow.html; and for Independent National Bank, http://www.fdic.gov/bank/individual/failed/inatbank.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Community National Bank At Bartow will be $10.3 million; and for Independent National Bank, $23.2 million. Compared to other alternatives, CenterState Bank of Florida, N.A.'s acquisition was the least costly resolution for the FDIC's DIF.

These closings bring the total for the year to 112 banks in the nation, and the twenty-first and twenty-second in Florida. Prior to these failures, the last FDIC-insured institution closed in the state was Bayside Savings Bank, Port Saint Joe, on July 30, 2010.

# # #

Failed Bank 8-20-10 #5

http://www.fdic.gov/news/news/press/2010/pr10191.html

Press Releases

CenterState Bank of Florida, National Association, Winter Haven, Florida, Acquires All the Deposits of Two Banks in Florida
Community National Bank at Bartow, Bartow, and Independent National Bank, Ocala

FOR IMMEDIATE RELEASE
August 20, 2010
Media Contact:
Greg Hernandez
Phone: (202)898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Community National Bank At Bartow, Bartow, Florida, and Independent National Bank, Ocala, Florida, were closed today by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the two banks. To protect depositors, the FDIC entered into purchase and assumption agreements with CenterState Bank of Florida, National Association, Winter Haven, Florida, to assume all the deposits and essentially all the assets of the two failed banks, which were not affiliated with one another.

Collectively, the failed banks operated five branches, which will reopen as branches of CenterState Bank of Florida, N.A. under their normal business hours, including those offices with Saturday hours. Community National Bank At Bartow has one branch, and Independent National Bank has four branches. Depositors will automatically become depositors of CenterState Bank of Florida, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers of the two failed banks should continue to use their former branches until they receive notice from CenterState Bank of Florida, N.A. that it has completed systems changes to allow other CenterState Bank of Florida, N.A. branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Community National Bank At Bartow had total assets of $67.9 million and total deposits of $63.7 million; and Independent National Bank had total assets of $156.2 million and total deposits of $141.9 million. CenterState Bank of Florida, N.A. did not pay the FDIC a premium for the deposits of the two failed banks.

The FDIC and CenterState Bank of Florida, N.A. entered into loss-share transactions on $51.9 million of Community National Bank At Bartow's assets; and $119.7 million of Independent National Bank's assets. CenterState Bank of Florida, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Community National Bank At Bartow customers, 1-800-450-5668; and for Independent National Bank customers, 1-800-913-3058. The phone numbers will be operational this evening until 9:00 p.m. Eastern Daylight Time; on Saturday from 9:00 a.m. to 6:00 p.m. EDT; on Sunday from noon until 6:00 p.m. EDT; and thereafter from 8:00 a.m. to 8:00 p.m. EDT.

Interested parties also can visit the FDIC's Web sites: for Community National Bank At Bartow, http://www.fdic.gov/bank/individual/failed/cnbbartow.html; and for Independent National Bank, http://www.fdic.gov/bank/individual/failed/inatbank.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Community National Bank At Bartow will be $10.3 million; and for Independent National Bank, $23.2 million. Compared to other alternatives, CenterState Bank of Florida, N.A.'s acquisition was the least costly resolution for the FDIC's DIF.

These closings bring the total for the year to 112 banks in the nation, and the twenty-first and twenty-second in Florida. Prior to these failures, the last FDIC-insured institution closed in the state was Bayside Savings Bank, Port Saint Joe, on July 30, 2010.

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Failed Bank 8-20-10 #6

http://www.fdic.gov/news/news/press/2010/pr10194.html

Press Releases

Rabobank, National Association, El Centro, California, Acquires All the Deposits of Two Banks in California
Butte Community Bank, Chico, and Pacific State Bank, Stockton

FOR IMMEDIATE RELEASE
August 20, 2010
Media Contact:
Greg Hernandez
Phone: 202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Butte Community Bank, Chico, California, and Pacific State Bank, Stockton, California, were closed today by the California Department of Financial Institutions, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the two banks. To protect depositors, the FDIC entered into purchase and assumption agreements with Rabobank, National Association, El Centro, California, to assume all the deposits and essentially all the assets of the two failed banks, which were not affiliated with one another.

Collectively, the failed banks operated 23 branches, which will reopen as branches of Rabobank, National Association under their normal business hours, including those offices with Saturday hours. Butte Community Bank has 14 branches, and Pacific State Bank has nine branches. Depositors will automatically become depositors of Rabobank, National Association. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers of the two failed banks should continue to use their former branches until they receive notice from Rabobank, National Association that it has completed systems changes to allow other Rabobank, National Association branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Butte Community Bank had total assets of $498.8 million and total deposits of $471.3 million; and Pacific State Bank had total assets of $312.1 million and total deposits of $278.8 million. Rabobank, National Association will pay the FDIC a premium of 4.05 percent to assume all of the deposits of Butte Community Bank, but it did not pay the FDIC a premium for the deposits of Pacific State Bank.

The FDIC and Rabobank, National Association entered into loss-share transactions on $425.4 million of Butte Community Bank's assets; and $249.7 million of Pacific State Bank's assets. Rabobank, National Association will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Butte Community Bank customers, 1-800-450-5417; and for Pacific State Bank customers, 1-800-640-2693. The phone numbers will be operational this evening until 9:00 p.m. Pacific Daylight Time; on Saturday from 9:00 a.m. to 6:00 p.m. PDT; on Sunday from noon until 6:00 p.m. PDT; and thereafter from 8:00 a.m. to 8:00 p.m. PDT.

Interested parties also can visit the FDIC's Web sites: for Butte Community Bank, http://www.fdic.gov/bank/individual/failed/butte.html; and for Pacific State Bank, http://www.fdic.gov/bank/individual/failed/pacificbk.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Butte Community Bank will be $17.4 million; and for Pacific State Bank, $32.6 million. Compared to other alternatives, Rabobank, National Association's acquisition was the least costly resolution for the FDIC's DIF.

These closings bring the total for the year to 116 banks in the nation, and the seventh and eighth in California. Prior to these failures, the last FDIC-insured bank closed in the state was Granite Community Bank, National Association, Granite Bay, on May 28, 2010.

# # #

Failed Bank 8-20-10 #7

http://www.fdic.gov/news/news/press/2010/pr10195.html

Press Releases

Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Los Padres Bank, Solvang, California

FOR IMMEDIATE RELEASE
August 20, 2010
Media Contact:
Greg Hernandez
Phone: (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Los Padres Bank, Solvang, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Pacific Western Bank, San Diego, California, to assume all of the deposits of Los Padres Bank.

The 14 branches of Los Padres Bank will reopen on Monday as branches of Pacific Western Bank. Depositors of Los Padres Bank will automatically become depositors of Pacific Western Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Los Padres Bank should continue to use their existing branch until they receive notice from Pacific Western Bank that it has completed systems changes to allow other Pacific Western Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Los Padres Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Los Padres Bank had approximately $870.4 million in total assets and $770.7 million in total deposits. Pacific Western Bank will pay the FDIC a premium of 0.45 percent to assume all of the deposits of Los Padres Bank. In addition to assuming all of the deposits of the failed bank, Pacific Western Bank agreed to purchase essentially all of the assets.

The FDIC and Pacific Western Bank entered into a loss-share transaction on $579.8 million of Los Padres Bank's assets. Pacific Western Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-640-2751. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/lospadres.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.7 million. Compared to other alternatives, Pacific Western Bank's acquisition was the least costly resolution for the FDIC's DIF. Los Padres Bank is the 117th FDIC-insured institution to fail in the nation this year, and the eighth in California. The last FDIC-insured institution closed in the state was Butte Community Bank, Chico, earlier today.

# # #

Failed Bank 8-20-10 #8

http://www.fdic.gov/news/news/press/2010/pr10196.html



Press Releases

Westamerica Bank, San Rafael, California, Assumes All of the Deposits of Sonoma Valley Bank, Sonoma, California

FOR IMMEDIATE RELEASE
August 20, 2010
Media Contact:
Greg Hernandez
Phone: (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Sonoma Valley Bank, Sonoma, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Westamerica Bank, San Rafael, California, to assume all of the deposits of Sonoma Valley Bank.

The three branches of Sonoma Valley Bank will reopen on Saturday as branches of Westamerica Bank. Depositors of Sonoma Valley Bank will automatically become depositors of Westamerica Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Sonoma Valley Bank should continue to use their existing branch until they receive notice from Westamerica Bank that it has completed systems changes to allow other Westamerica Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Sonoma Valley Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Sonoma Valley Bank had approximately $337.1 million in total assets and $255.5 million in total deposits. Westamerica Bank will pay the FDIC a premium of 2.0 percent to assume all of the deposits of Sonoma Valley Bank. In addition to assuming all of the deposits of the failed bank, Westamerica Bank agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-913-3062. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/sonoma.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.1 million. Compared to other alternatives, Westamerica Bank's acquisition was the least costly resolution for the FDIC's DIF. Sonoma Valley Bank is the 118th FDIC-insured institution to fail in the nation this year, and the ninth in California. The last FDIC-insured institution closed in the state was Los Padres Bank, Solvang, earlier today.

# # #

Thanks spiralbinder for all your postings.

This last bank mentioned, Sonoma Valley Bank, absorbed in 2008, a local bank in which we had done much business. We have known Sonoma Valley was on the chopping block for many months. Much of the bad debt of the absorbed bank was that of the principle owners, who in turn have defaulted on 10’s of millions of dollars on loans. DS was not too unhappy to see their demise as they competed unfairly with us in the residential development business.

What we see mostly posted here is the FDIC activity in closures. We should understand that is not the sum total of all the closures as some are sold or taken over by other banks independent of the FDIC as they slip into the revelation of their own reality of being pass the point of no return.

Many of the bankers have been less than honorable in their business practices but we should be careful not to paint all bankers with the broad brush of condemnation. The more serious corruption has come from the Federal government to and through the Wall Street bankers. An example is in the action of former Attorney General Janet Reno to force banks to loan to people not qualified. Once the floodgates of corruption were opened, the appraisers were basically told what to value the properties. I know that for we many times prepared the appraisals for the appraisers to match the highest values comparable with no serious review on their parts. Although we never exceeded a proper valuation ourselves, the pattern of many was not the case.

DS has been reviewing FinReg and said to me the other day that everything that has been wrong is still there but to a greater degree, with much worse regs. to come.

spiralbinder said:

http://www.fdic.gov/news/news/press/2010/pr10193.html

Urban Partnership Bank, Chicago, Illinois, Assumes All of the Deposits of ShoreBank, Chicago, Illinois


ShoreBank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Urban Partnership Bank, Chicago, Illinois, a newly-chartered institution, to assume all of the deposits of ShoreBank.

# # #

Click to expand...

Hey Spiralbinder:

We will be hearing more about this one ... all heavy weights in DC encircle this jewel: Obama, Jarrett, Clinton, Pritzker, and a whole bunch of other insiders. Earlier in the year, the WH put pressure on GS, Citi, BofA, JP, etc. banks pressured to bailout other banks by washington:

Tidal Wave Set to Hit Shorebank and Its Cronies
Posted on May 22, 2010

Apparently there were no FDIC closures on 8-27-2010 and none it seems on 9-3-2010.

FOR IMMEDIATE RELEASE
September 10, 2010


Horizon Bank, Bradenton, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Horizon Bank.

More... http://www.fdic.gov/news/news/press/2010/pr10205.html

Failed Bank list

http://www.fdic.gov/bank/individual/failed/banklist.html

http://apnews.myway.com/article/20100925/D9IEMB381.html

Regulators shut banks in Florida, Washington state

Sep 24, 10:59 PM (ET)

By MARCY GORDON WASHINGTON (AP) - Regulators on Friday shut down small banks in Florida and Washington state, bringing to 127 the number of U.S. bank failures this year on a wave of loan defaults and economic distress.

The Federal Deposit Insurance Corp. took over Haven Trust Bank Florida of Ponte Vedra Beach, Fla., with $148.6 million in assets and $133.6 million in deposits, and North County Bank, based in Arlington, Wash., with $288.8 million in assets and $276.1 million in deposits.

First Southern Bank, based in Boca Raton, Fla., agreed to assume the assets and deposits of Haven Trust Bank Florida. In addition, the FDIC and First Southern Bank agreed to share losses on $127.3 million of Haven Trust Bank Florida's loans and other assets.

Whidbey Island Bank, based in Coupeville, Wash., is acquiring the assets and deposits of North County Bank. The FDIC and Whidbey Island Bank agreed to share losses on $221.9 million of North County Bank's assets.

The failure of North County Bank is expected to cost the deposit insurance fund $72.8 million.

The failure of Haven Trust Bank Florida is expected to cost the fund $31.9 million. It was the 24th bank in Florida to fail this year.

Florida is among the hardest hit states for bank collapses, as the meltdown in the real estate market brought an avalanche of soured mortgage loans. Also high on the list of failure-heavy states are California, Georgia and Illinois.

With 127 closures nationwide so far this year, the pace of bank failures exceeds that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 95 banks.

The pace has accelerated as banks' losses mount on loans made for commercial property and development. Many companies have shut down in the recession, vacating shopping malls and office buildings financed by the loans. That has brought delinquent loan payments and defaults by commercial developers.

The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force; only three succumbed in 2007.

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 June 30.

The number of banks on the FDIC's confidential "problem" list jumped to 829 in the second quarter from 775 three months earlier, even as the industry as a whole had its best quarter since 2007, making $21.6 billion in net income. Banks with more than $10 billion in assets - only 1.3 percent of the industry - accounted for $19.9 billion of the total earnings.

The FDIC expects the cost of resolving failed banks to total around $60 billion from 2010 through 2014.

The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund.
Depositors' money - insured up to $250,000 per account - is not at risk, with the FDIC backed by the government. That insurance cap was made permanent in the financial overhaul law enacted in July.

1. On Friday, October 15, 2010, Premier Bank, Jefferson City, MO was closed by the Missouri Division of Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver

2. On Friday, October 15, 2010, WestBridge Bank and Trust Company, Chesterfield, MO was closed by the Missouri Division of Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.

3. On Friday, October 15, 2010, Security Savings Bank, F.S.B., Olathe, KS was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.

Hillcrest Banks in Kansas City closed down today 10/21/10. They re-opened under a different name.
My friend's wife works there--she said they knew it was coming for a week now.

Just looked at the list at the link that was posted a few posts above and there have been a total of 7 banks that failed today/tonight, with two of them being here in GA. My copy and paste doesn't work or I'd post the rest of the list.

First Arizona Savings, A FSB Scottsdale AZ 32582 October 22, 2010
Hillcrest Bank Overland Park KS 22173 October 22, 2010
First Suburban National Bank Maywood IL 16089 October 22, 2010
The First National Bank of Barnesville Barnesville GA 2119 October 22, 2010
The Gordon Bank Gordon GA 33904 October 22, 2010
Progress Bank of Florida Tampa FL 32251 October 22, 2010
First Bank of Jacksonville Jacksonville FL 27573 October 22, 2010

Four Banks posted as closed so far this week.

First Vietnamese American BankIn Vietnamese Westminster CA 57885 November 5, 2010
Pierce Commercial Bank Tacoma WA 34411 November 5, 2010
Western Commercial Bank Woodland Hills CA 58087 November 5, 2010
K Bank Randallstown MD 31263 November 5, 2010

IIRC, during the S&L crisis, over 1000 banks failed. You would have thought they learned something from that.

I guess not.

Just 3 failed banks this week through the FDIC.


Copper Star Bank - Scottsdale, AZ November 12, 2010
Darby Bank & Trust Co. - Vidalia, GA November 12, 2010
Tifton Banking Company - Tifton, GA November 12, 2010

http://www.fdic.gov/bank/individual/failed/banklist.html

Six closures announced on the 19th

Earthstar Bank, Southampton, PA
On Friday, December 10, 2010, Earthstar Bank, Southampton, PA was closed by the Pennsylvania Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts have been transferred to Polonia Bank, Huntingdon Valley, PA ("assuming institution") and will be available immediately. The former Earthstar Bank locations will reopen as branches of Polonia Bank during regular business hours.


Paramount Bank, Farmington Hills, MI
On Friday, December 10, 2010, Paramount Bank, Farmington Hills, MI was closed by the Michigan Office of Financial and Insurance Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding certain brokered deposits, have been transferred to Level One Bank, Farmington Hills, MI ("assuming institution") and will be available immediately. The former Paramount Bank locations will reopen as branches of Level One Bank during regular business hours.

Bank closing 12/17/2010

National Bank ... Lino Lakes MN ... December 17, 2010
First Southern Bank ... Batesville AR ... December 17, 2010
United Americas Bank, N.A. ... Atlanta GA ... December 17, 2010
Appalachian Community Bank, FSB ... McCaysville GA ... December 17, 2010
Chestatee State Bank ... Dawsonville GA ... December 17, 2010
The Bank of Miami,N.A. ... Coral Gables FL ... December 17, 2010

Well, that looks like a "wrap" for 2010.

Around 160 FDIC closings, also many mergers we probably will never see but a better year than expected.