Pinehurst Bank
May 21, 2010
Pinehurst Bank, of St. Paul, Minnesota failed today according to this FDIC Press Release:
Pinehurst Bank, St. Paul, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Coulee Bank, La Crosse, Wisconsin, to assume all of the deposits of Pinehurst Bank.
The sole branch of Pinehurst Bank will reopen on Saturday as a branch of Coulee Bank. Depositors of Pinehurst Bank will automatically become depositors of Coulee 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 Pinehurst Bank should continue to use their existing branch until they receive notice from Coulee Bank that it has completed systems changes to allow other Coulee Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Pinehurst 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, Pinehurst Bank had approximately $61.2 million in total assets and $58.3 million in total deposits. Coulee Bank will pay the FDIC a premium of 1.33 percent to assume all of the deposits of Pinehurst Bank. In addition to assuming all of the deposits of the failed bank, Coulee Bank agreed to purchase essentially all of the assets.
Midwest Bank and Trust Company
May 15, 2010
Midwest Bank and Trust Company of Elmwood Park, Illinois failed today according to this FDIC Press Release:
Midwest Bank and Trust Company, Elmwood Park, Illinois, was closed today by the Illinois Department of Financial 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 Firstmerit Bank, National Association, Akron, Ohio, to assume all of the deposits of Midwest Bank and Trust Company.
The 23 branches of Midwest Bank and Trust Company will reopen on Saturday as branches of Firstmerit Bank, National Association. Depositors of Midwest Bank and Trust Company will automatically become depositors of Firstmerit Bank, 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 should continue to use their existing branch until they receive notice from Firstmerit Bank, National Association that it has completed systems changes to allow other Firstmerit Bank, National Association branches to process their accounts as well.
This evening and over the weekend, depositors of Midwest 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 March 31, 2010, Midwest Bank and Trust Company had approximately $3.17 billion in total assets and $2.42 billion in total deposits. Firstmerit Bank, National Association will pay the FDIC a premium of 0.4 percent to assume all of the deposits of Midwest Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, Firstmerit Bank, National Association agreed to purchase essentially all of the assets.
The FDIC and Firstmerit Bank, National Association entered into a loss-share transaction on $2.27 billion of Midwest Bank and Trust Company’s assets. Firstmerit Bank, 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.
Southwest Community Bank
May 15, 2010
Southwest Community Bank, of Springfield, Missouri, failed today according to this FDIC Press Release:
Southwest Community Bank, Springfield, Missouri, was closed today by the Missouri Division of 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 Simmons First National Bank, Pine Bluff, Arkansas, to assume all of the deposits of Southwest Community Bank.
The sole branch of Southwest Community Bank will reopen on Saturday as a branch of Simmons First National Bank. Depositors of Southwest Community Bank will automatically become depositors of Simmons First National 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 should continue to use their existing branch until they receive notice from Simmons First National Bank that it has completed systems changes to allow other Simmons First National Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Southwest Community 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, Southwest Community Bank had approximately $96.6 million in total assets and $102.5 million in total deposits. Simmons First National Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Southwest Community Bank. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.
The FDIC and Simmons First National Bank entered into a loss-share transaction on $66.8 million of Southwest Community Bank’s assets. Simmons First National 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.
New Liberty Bank
May 14, 2010
New Liberty Bank of Plymouth, Michigan failed today according to this FDIC Press Release:
New Liberty Bank, Plymouth, Michigan, was closed today by the Michigan Office of Financial and Insurance 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 Ann Arbor, Ann Arbor, Michigan, to assume all of the deposits of New Liberty Bank.
The sole branch of New Liberty Bank will reopen on Saturday as a branch of Bank of Ann Arbor. Depositors of New Liberty Bank will automatically become depositors of Bank of Ann Arbor. 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 should continue to use their existing branch until they receive notice from Bank of Ann Arbor that it has completed systems changes to allow other Bank of Ann Arbor branches to process their accounts as well.
This evening and over the weekend, depositors of New Liberty 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, New Liberty Bank had approximately $109.1 million in total assets and $101.8 million in total deposits. Bank of Ann Arbor did not pay the FDIC a premium for the deposits of New Liberty Bank. In addition to assuming all of the deposits of the failed bank, Bank of Ann Arbor agreed to purchase essentially all of the assets.
The FDIC and Bank of Ann Arbor entered into a loss-share transaction on $95.2 million of New Liberty Bank’s assets. Bank of Ann Arbor 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.
Satilla Community Bank
May 14, 2010
Satilla Community Bank of St. Mary’s Georgia failed today according to this FDIC Press Release:
Satilla Community Bank, Saint Marys, 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 Ameris Bank, Moultrie, Georgia, to assume all of the deposits of Satilla Community Bank.
The sole branch of Satilla Community Bank will reopen on Monday as a branch of Ameris Bank. Depositors of Satilla Community Bank will automatically become depositors of Ameris 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 should continue to use their existing branch until they receive notice from Ameris Bank that it has completed systems changes to allow other Ameris Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Satilla Community 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, Satilla Community Bank had approximately $135.7 million in total assets and $134.0 million in total deposits. Ameris Bank will pay the FDIC a premium of 0.19 percent to assume all of the deposits of Satilla Community 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 $101.0 million of Satilla Community Bank’s assets. Ameris 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.
The Bank of Bonifay
May 7, 2010
The Bank of Bonifay, of Bonifay, Florida, failed today according to this FDIC Press Release:
The Bank of Bonifay, Bonifay, 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 First Federal Bank of Florida, Lake City, Florida, to assume all of the deposits of The Bank of Bonifay.
The five branches of The Bank of Bonifay will reopen on Monday as branches of First Federal Bank of Florida. Depositors of The Bank of Bonifay will automatically become depositors of First Federal Bank of Florida. 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 should continue to use their existing branch until they receive notice from First Federal Bank of Florida that it has completed systems changes to allow other First Federal Bank of Florida branches to process their accounts as well.
This evening and over the weekend, depositors of The Bank of Bonifay 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 Bank of Bonifay had approximately $242.9 million in total assets and $230.2 million in total deposits. First Federal Bank of Florida did not pay the FDIC a premium for the deposits of The Bank of Bonifay. In addition, First Federal Bank of Florida will purchase approximately $78.1 million of The Bank of Bonifay’s assets, consisting of cash and cash equivalents. The FDIC will retain the remaining assets for later disposition.
Access Bank
May 7, 2010
Access Bank of Champlin, Minnesota failed today according to this FDIC Press Release:
Access Bank, Champlin, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with PrinsBank, Prinsburg, Minnesota, to assume all of the deposits of Access Bank.
The two branches of Access Bank will reopen during normal business hours beginning on Saturday as branches of PrinsBank. Depositors of Access Bank will automatically become depositors of PrinsBank. 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 should continue to use their existing branch until they receive notice from PrinsBank that it has completed systems changes to allow other PrinsBank branches to process their accounts as well.
This evening and over the weekend, depositors of Access 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, Access Bank had approximately $32.0 million in total assets and $32.0 million in total deposits. PrinsBank will pay the FDIC a premium of 0.02 percent to assume all of the deposits of Access Bank. In addition to assuming all of the deposits of the failed bank, PrinsBank agreed to purchase essentially all of the assets.
Towne Bank of Arizona
May 7, 2010
Towne Bank of Arizona, of Mesa, Arizona failed today, according to this FDIC Press Release:
Towne Bank of Arizona, Mesa, Arizona, was closed today by the Arizona 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 Commerce Bank of Arizona, Tucson, Arizona, to assume all of the deposits of Towne Bank of Arizona.
The sole branch of Towne Bank of Arizona will reopen on Monday as a branch of Commerce Bank of Arizona. Depositors of Towne Bank of Arizona will automatically become depositors of Commerce Bank of Arizona. 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 should continue to use their existing branch until they receive notice from Commerce Bank of Arizona that it has completed systems changes to allow other Commerce Bank of Arizona branches to process their accounts as well.
This evening and over the weekend, depositors of Towne Bank of Arizona 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, Towne Bank of Arizona had approximately $120.2 million in total assets and $113.2 million in total deposits. Commerce Bank of Arizona will pay the FDIC a premium of 0.3 percent to assume all of the deposits of Towne Bank of Arizona. In addition to assuming all of the deposits of the failed bank, Commerce Bank of Arizona agreed to purchase essentially all of the assets.
The FDIC and Commerce Bank of Arizona entered into a loss-share transaction on $80.1 million of Towne Bank of Arizona’s assets. Commerce Bank of Arizona 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.
1st Pacific Bank of California
May 7, 2010
1st Pacific Bank of California of San Diego, CA failed today according to this FDIC Press Release:
1st Pacific Bank of California, San Diego, 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 City National Bank, Los Angeles, California, to assume all of the deposits of 1st Pacific Bank of California.
The six branches of 1st Pacific Bank of California will reopen on Monday as branches of City National Bank. Depositors of 1st Pacific Bank of California will automatically become depositors of City National 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 should continue to use their existing branch until they receive notice from City National Bank that it has completed systems changes to allow other City National Bank branches to process their accounts as well.
This evening and over the weekend, depositors of 1st Pacific Bank of California 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, 1st Pacific Bank of California had approximately $335.8 million in total assets and $291.2 million in total deposits. City National Bank will pay the FDIC a premium of 1.62 percent to assume all of the deposits of 1st Pacific Bank of California. In addition to assuming all of the deposits of the failed bank, City National Bank agreed to purchase essentially all of the assets.
The FDIC and City National Bank entered into a loss-share transaction on $275.7 million of 1st Pacific Bank of California’s assets. City National 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.