Beach First National Bank
April 9, 2010
Beach First National Bank of Myrtle Beach, SC failed today according to this FDIC Press Release:
Beach First National Bank, Myrtle Beach, South Carolina, was closed today by the Office of the Comptroller of the Currency, 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 North Carolina, Thomasville, North Carolina, to assume all of the deposits of Beach First National Bank.
The seven branches of Beach First National Bank will reopen on Monday as branches of Bank of North Carolina. Depositors of Beach First National Bank will automatically become depositors of Bank of North Carolina. 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 North Carolina that it has completed systems changes to allow other Bank of North Carolina branches to process their accounts as well.
This evening and over the weekend, depositors of Beach First National 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 December 31, 2009, Beach First National Bank had approximately $585.1 million in total assets and $516.0 million in total deposits. Bank of North Carolina did not pay the FDIC a premium for the deposits of Beach First National Bank. In addition to assuming all of the deposits of the failed bank, Bank of North Carolina agreed to purchase essentially all of the assets.
The FDIC and Bank of North Carolina entered into a loss-share transaction on $497.9 million of Beach First National Bank’s assets. Bank of North Carolina 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.
Desert Hills Bank
March 26, 2010
Desert Hills Bank, of Phoenix, Arizona, failed today and was closed by the FDIC according to this press release:
Desert Hills Bank, Phoenix, 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 New York Community Bank, Westbury, New York, to assume all of the deposits of Desert Hills Bank.
The six branches of Desert Hills Bank will reopen on Monday as branches of New York Community Bank. Depositors of Desert Hills Bank will automatically become depositors of New York Community 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 former Desert Hills Bank branch until they receive notice from New York Community Bank that it has completed systems changes to allow other New York Community Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Desert Hills 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 December 31, 2009, Desert Hills Bank had approximately $496.6 million in total assets and $426.5 million in total deposits. New York Community Bank did not pay the FDIC a premium to assume all of the deposits of Desert Hills Bank. In addition to assuming all of the deposits, New York Community Bank agreed to purchase essentially all of the failed bank’s assets.
The FDIC and New York Community Bank entered into a loss-share transaction on $325.9 million of Desert Hills Bank’s assets. New York Community 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.
Unity National Bank
March 26, 2010
Unity National Bank, of Cartersville, Georgia failed today, and was closed by the FDIC according to this FDIC Press Release:
Unity National Bank, Cartersville, Georgia, was closed today by the Office of the Comptroller of the Currency, 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 Unity National Bank.
The five branches of Unity National Bank will reopen on Saturday as branches of Bank of the Ozarks. Depositors of Unity National Bank will automatically become depositors of Bank of the Ozarks. 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 former Unity National Bank branch until they receive notice from Bank of the Ozarks that it has completed systems changes to allow other Bank of the Ozarks branches to process their accounts as well.
This evening and over the weekend, depositors of Unity National 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 December 31, 2009, Unity National Bank had approximately $292.2 million in total assets and $264.3 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium to assume all of the deposits of Unity National Bank. In addition to assuming all of the deposits, Bank of the Ozarks agreed to purchase essentially all of the failed bank’s assets.
The FDIC and Bank of the Ozarks entered into a loss-share transaction on $206.1 million of Unity National Bank’s assets. Bank of the Ozarks 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.
Key West Bank
March 26, 2010
Key West Bank of Key West, Florida failed today, according to this FDIC Press Release:
Key West Bank, Key West, Florida, 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 Centennial Bank, Conway, Arkansas, to assume all of the deposits of Key West Bank.
The sole branch of Key West Bank will reopen during normal business hours beginning Saturday as a branch of Centennial Bank. Depositors of Key West 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 should continue to use their former Key West Bank branch until they receive notice from Centennial Bank that it has completed systems changes to allow other Centennial Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Key West 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 December 31, 2009, Key West Bank had approximately $88.0 million in total assets and $67.7 million in total deposits. Centennial Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Key West Bank. In addition to assuming all of the deposits, Centennial Bank agreed to purchase essentially all of the failed bank’s assets.
The FDIC and Centennial Bank entered into a loss-share transaction on $75.8 million of Key West 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.
McIntosh Commercial Bank
March 26, 2010
McIntosh Commercial Bank, of Carrollton, Georgia failed today according to this FDIC Press Release:
McIntosh Commercial Bank, Carrollton, 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 CharterBank, West Point, Georgia, to assume all of the deposits of McIntosh Commercial Bank.
The four branches of McIntosh Commercial Bank will reopen during regular business hours beginning Saturday as branches of CharterBank. Depositors of McIntosh Commercial Bank will automatically become depositors of CharterBank. 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 former McIntosh Commercial Bank branch until they receive notice from CharterBank that it has completed systems changes to allow other CharterBank branches to process their accounts as well.
This evening and over the weekend, depositors of McIntosh Commercial 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 December 31, 2009, McIntosh Commercial Bank had approximately $362.9 million in total assets and $343.3 million in total deposits. CharterBank did not pay the FDIC a premium to assume all of the deposits of McIntosh Commercial Bank. In addition to assuming all of the deposits, CharterBank agreed to purchase essentially all of the failed bank’s assets.
The FDIC and CharterBank entered into a loss-share transaction on $263.1 million of McIntosh Commercial Bank’s assets. CharterBank 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.
Bank Failures – Four More Today
March 19, 2010
This makes seven so far today. They might be finished posting them…
State Bank of Aurora, of Aurora, MN
First Lowndes Bank, of Fort Deposit, AL
Bank of Hiawassee, of Hiawassee, GA
Appalachian Community Bank, of Ellijay, GA
American National Bank of Parma, Ohio
March 19, 2010
American National Bank, of Parma, Ohio, failed today according to this FDIC Press Release:
American National Bank, Parma, Ohio, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The National Bank and Trust Company, Wilmington, Ohio, to assume all of the deposits of American National Bank.
The sole branch of American National Bank will reopen on Monday as a branch of The National Bank and Trust Company. Depositors of American National Bank will automatically become depositors of The National 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 to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from The National Bank and Trust Company that it has completed systems changes to allow other The National Bank and Trust Company branches to process their accounts as well.
This evening and over the weekend, depositors of American National 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 December 31, 2009, American National Bank had approximately $70.3 million in total assets and $66.8 million in total deposits. The National Bank and Trust Company did not pay the FDIC a premium for the deposits of American National Bank. In addition to assuming all of the deposits of the failed bank, The National Bank and Trust Company agreed to purchase essentially all of the assets.
The FDIC and The National Bank and Trust Company entered into a loss-share transaction on $49.8 million of American National Bank’s assets. The National 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.
Century Security Bank
March 19, 2010
Century Security Bank, of Duluth, Georgia failed today according to this FDIC press release:
Century Security Bank, Duluth, 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 Bank of Upson, Thomaston, Georgia, to assume all of the deposits of Century Security Bank.
The two branches of Century Security Bank will reopen during normal business hours beginning on Saturday as branches of Bank of Upson. Depositors of Century Security Bank will automatically become depositors of Bank of Upson. 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 Upson that it has completed systems changes to allow other Bank of Upson branches to process their accounts as well.
This evening and over the weekend, depositors of Century Security 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 December 31, 2009, Century Security Bank had approximately $96.5 million in total assets and $94.0 million in total deposits. Bank of Upson did not pay the FDIC a premium for the deposits of Century Security Bank. In addition to assuming all of the deposits of the failed bank, Bank of Upson agreed to purchase essentially all of the assets.
The FDIC and Bank of Upson entered into a loss-share transaction on $81.5 million of Century Security Bank’s assets. Bank of Upson 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.
Advanta Bank Corp.
March 19, 2010
Advanta Bank Corp. of Draper, Utah failed today according to this FDIC Press Release:
The Federal Deposit Insurance Corp. (FDIC) approved the payout of the insured deposits of Advanta Bank Corp., Draper, Utah. The bank was closed today by the Utah Department of Financial Institutions, which appointed the FDIC as receiver.
The FDIC was unable to find another financial institution to take over the banking operations of Advanta Bank Corp. As a result, checks to depositors for their insured funds will be mailed on Monday. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed deposits with brokers should contact the brokers directly for more information about the status of their funds.
As of December 31, 2009, Advanta Bank Corp. had approximately $1.6 billion in total assets and $1.5 billion in total deposits. At the time of closing, the bank had an estimated $247,000 in uninsured funds. This amount is an estimate that is likely to change once the FDIC obtains additional information from the bank’s customers.
Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-537-4048. Customers with accounts in excess of $250,000 also should contact the toll-free number to set up a telephone appointment to discuss their deposits. The phone number will be operational this evening until 9:00 p.m. Mountain Daylight Time (MDT); on Saturday from 9:00 a.m. to 6:00 p.m. MDT; and on Sunday from noon to 6:00 p.m. MDT; and thereafter from 8:00 a.m. to 8:00 p.m.
Statewide Bank of Covington, Louisiana
March 12, 2010
Statewide Bank of Covington, Louisiana failed today according to this FDIC Press Release:
Statewide Bank, Covington, Louisiana, was closed today by the Louisiana Office 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 Home Bank, Lafayette, Louisiana, to assume all of the deposits of Statewide Bank.
The six branches of Statewide Bank will reopen on Saturday as branches of Home Bank. Depositors of Statewide Bank will automatically become depositors of Home 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 former Statewide Bank branch until they receive notice from Home Bank that it has completed systems changes to allow other Home Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Statewide 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 December 31, 2009, Statewide Bank had approximately $243.2 million in total assets and $208.8 million in total deposits. Home Bank did not pay the FDIC a premium to assume all of the deposits of Statewide Bank. In addition to assuming all of the deposits, Home Bank agreed to purchase essentially all of the failed bank’s assets.
The FDIC and Home Bank entered into a loss-share transaction on $163.5 million of Statewide Bank’s assets. Home 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.