Seven banks seized by FDIC
Courtesy of Edward Harrison at Credit Writedowns
This is the biggest weekend for FDIC seizures yet. Seven banks have been shut down.
Below is the list of banks.
Partners Bank, Naples, Florida (Stonegate assumes assets)
- As of September 30, 2009, Partners Bank had total assets of $65.5 million and total deposits of approximately $64.9 million. Stonegate Bank did not pay the FDIC a premium for the deposits of Partners Bank. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase essentially all of the assets.
American United Bank, Lawrenceville, Georgia (Ameris Bank assumes assets)
- As of August 11, 2009, American United Bank had total assets of $111 million and total deposits of approximately $101 million. Ameris Bank will pay the FDIC a premium of 1.02 percent to assume all of the deposits of American United Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.
The FDIC and Ameris Bank entered into a loss-share transaction on approximately $92 million of American United Bank’s assets. Ameris Bank will share in the losses on the asset pools covered under the loss-share agreement.
Hillcrest Bank Florida, Naples (Stonegate Bank assumes these assets too)
- As of October 1, 2009 , Hillcrest Bank Florida had total assets of $83 million and total deposits of approximately $84 million. Stonegate Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Hillcrest Bank Florida. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase $28 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
Bank of Elmwood, Racine, Wisconsin (Tri Citi National Bank assumes assets)
- As of September 30, 2009, Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million. Tri City National Bank did not pay the FDIC a premium for the deposits of Bank of Elmwood. In addition to assuming all of the deposits of the failed bank, Tri City National Bank agreed to purchase essentially all of the assets.
Flagship National Bank, Bradenton, Florida (First Federal Bank of Florida assumes assets)
- As of August 31, 2009, Flagship National Bank had total assets of $190 million and total deposits of approximately $175 million. First Federal Bank of Florida did not pay the FDIC a premium for the deposits of Flagship National Bank. In addition to assuming all of the deposits of the failed bank, First Federal Bank of Florida agreed to purchase essentially all of the assets.
The FDIC and First Federal Bank of Florida entered into a loss-share transaction on approximately $130 million of Flagship National Bank’s assets. First Federal Bank of Florida will share in the losses on the asset pools covered under the loss-share agreement
Riverview Community Bank, Otsego, Minnesota (Central, Bank, Stillwater, MN assumes assets)
- As of August 31, 2009, Riverview Community Bank had total assets of $108 million and total deposits of approximately $80 million. Central Bank did not pay the FDIC a premium to assume all of the deposits of Riverview Community Bank. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.
The FDIC and Central Bank entered into a loss-share transaction on approximately $75 million of Riverview Community Bank’s assets. Central Bank will share in the losses on the assets covered under the loss-share agreement.
First Dupage Bank, Westmont, Illinois (First Midwest Bank assumes assets)
As of July 31, 2009, First Dupage Bank had total assets of $279 million and total deposits of approximately $254 million. First Midwest Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of First Dupage Bank. 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 approximately $247 million of First Dupage Bank’s assets. First Midwest Bank will share in the losses on the asset pools covered under the loss-share agreement.
See Also:
Bank failures top 100, only part of industry woes
WASHINGTON (AP) – The cascade of bank failures this year surpassed 100 on Friday, the most in nearly two decades. And the trouble in the banking system from bad loans and the recession goes even deeper than the number suggests.
Dozens, perhaps hundreds, of other banks remain open even though they are as weak as many that have been shuttered. Regulators are seizing banks slowly and selectively – partly to avoid inciting panic and partly because buyers for bad banks are hard to find… more here. >>
Grim Reaper photo, by blackpoint (right), via of Tom Lindmark’s But Then What.
"Not a bad days work for the green eye shade crowd. Just for the sake of marking important milestones, Partners Bank has the dubious distinction of being the 100th failure this year. I’m not sure how they can memorialize that achievement but let’s not let it pass unnoticed." Tom Lindmark
