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.
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.
Old Southern Bank
March 12, 2010
Old Southern Bank of Orlando, Florida failed today according to this FDIC Press Release:
Old Southern Bank, Orlando, 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 Centennial Bank, Conway, Arkansas, to assume all of the deposits of Old Southern Bank.
The seven branches of Old Southern Bank will reopen on Monday as branches of Centennial Bank. Depositors of Old Southern 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 Old Southern 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 Old Southern 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, Old Southern Bank had approximately $315.6 million in total assets and $319.7 million in total deposits. Centennial Bank will pay the FDIC a premium of 1.00 percent to assume all of the deposits of Old Southern 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 $282.7 million of Old Southern 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.
Park Avenue Bank
March 12, 2010
The Park Avenue Bank, New York, New York, failed today according to this FDIC Press Release:
The Park Avenue Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Valley National Bank, Wayne, New Jersey, to assume all of the deposits of The Park Avenue Bank.
The four branches of The Park Avenue Bank will reopen during normal business hours beginning tomorrow as branches of Valley National Bank. Depositors of The Park Avenue Bank will automatically become depositors of Valley 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 Valley National Bank that it has completed systems changes to allow other Valley National Bank branches to process their accounts as well.
This evening and over the weekend, depositors of The Park Avenue 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, The Park Avenue Bank had approximately $520.1 million in total assets and $494.5 million in total deposits. Valley National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of The Park Avenue Bank. In addition to assuming all of the deposits of the failed bank, Valley National Bank agreed to purchase essentially all of the assets.
The FDIC and Valley National Bank entered into a loss-share transaction on $379.8 million of The Park Avenue Bank’s assets. Valley 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.
La Jolla Bank, FSB
February 19, 2010
La Jolla Bank, FSB, of La Jolla, California, failed today according to this FDIC Press Release:
La Jolla Bank, FSB, La Jolla, 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 OneWest Bank, FSB, Pasadena, California, to assume all of the deposits of La Jolla Bank, FSB.
The ten branches of La Jolla Bank, FSB will reopen on Monday as branches of OneWest Bank, FSB. Depositors of La Jolla Bank, FSB will automatically become depositors of OneWest Bank, FSB. 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 OneWest Bank, FSB that it has completed systems changes to allow other OneWest Bank, FSB branches to process their accounts as well.
This evening and over the weekend, depositors of La Jolla Bank, FSB 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, La Jolla Bank, FSB had approximately $3.6 billion in total assets and $2.8 billion in total deposits. OneWest Bank, FSB did not pay the FDIC a premium for the deposits of La Jolla Bank, FSB. In addition to assuming all of the deposits of the failed bank, OneWest Bank, FSB agreed to purchase essentially all of the assets.
The FDIC and OneWest Bank, FSB entered into a loss-share transaction on $3.31 billion of La Jolla Bank, FSB’s assets. OneWest Bank, FSB 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 La Coste National Bank
February 19, 2010
The La Coste National Bank, of La Coste, Texas, failed today according to this FDIC Press Release:
The La Coste National Bank, La Coste, Texas, 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 Community National Bank, Hondo, Texas, to assume all of the deposits of The La Coste National Bank.
The sole branch of The La Coste National Bank will reopen on Monday as a branch of Community National Bank. Depositors of The La Coste National Bank will automatically become depositors of Community 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 Community National Bank that it has completed systems changes to allow other Community National Bank branches to process their accounts as well.
This evening and over the weekend, depositors of The La Coste 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, The La Coste National Bank had approximately $53.9 million in total assets and $49.3 million in total deposits. Community National Bank will pay the FDIC a premium of 0.51 percent to assume all of the deposits of The La Coste National Bank. In addition to assuming all of the deposits of the failed bank, Community National Bank agreed to purchase essentially all of the assets.
Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-830-3256. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST.
American Marine Bank
January 30, 2010
American Marine Bank of Bainbridge Island, Washington, failed on January 29, 2010 according to this FDIC Press Release:
American Marine Bank, Bainbridge Island, 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 Columbia State Bank, Tacoma, Washington, to assume all of the deposits of American Marine Bank.
The 11 branches of American Marine Bank will reopen on Saturday as branches of Columbia State Bank. Depositors of American Marine Bank will automatically become depositors of Columbia State 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 Columbia State Bank that it has completed systems changes to allow other Columbia State Bank branches to process their accounts as well.
This evening and over the weekend, depositors of American Marine 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 September 30, 2009, American Marine Bank had approximately $373.2 million in total assets and $308.5 million in total deposits. Columbia State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of American Marine Bank. In addition to assuming all of the deposits of the failed bank, Columbia State Bank agreed to purchase essentially all of the assets.