In what is running close to most projections, another six banks were closed on Friday by regulators, making it 15 bank closures for the year, running at a pace close to the expected 200 projected to be closed in 2010.
States having banks closed by regulators on Friday included Washington, California, Georgia, Florida and Minnesota. This time around buyers were found for all the banks, which hasn’t been always the case.
* The California bank closed was First Regional Bank, Los Angeles, which was closed by the California Department of Financial Institutions. Named as receiver was the Federal Deposit Insurance Corporation (FDIC).
First-Citizens also acquired close to $2.17 billion of the assets of First Regional Bank, with the FDIC holding on to the rest to be sold at a later time.
According to FDIC estimates, this will cost the Deposit Insurance Fund about $825.5 million.
* Also closed was American Marine Bank, Bainbridge Island, WA by the Washington Department of Financial Institutions.
All the deposits at the bank were assumed by Columbia State Bank, Tacoma, Washington. Columbia State Bank also took over $255.1 million of American Marine Banks assets in a loss-share transaction with the FDIC.
Total deposits at the company stood at $308.5 million, while assets held by the company were worth close to $373.2 million as of September 30, 2009.
The FDIC estimates it will cost the Deposit Insurance about $58.9 million.
* Another Georgia bank was closed, this time Community Bank & Trust, which was shuttered by the Georgia Department of Banking and Finance.
All deposits at the bank were taken over by SCBT, N.A., and a loss-share transaction between SCBT, N.A. and the FDIC for $827.7 million for assets held by Community Bank & Trust.
At the end of September 30, 2009, Community Bank & Trust had assets totaling $1.21 billion and deposits of $1.11 billion.
It should cost the FDIC’s Deposit Insurance Fund close to $354.5 million.
* Closed in Minnesota was Marshall Bank, National Association, Hallock, Minnesota, by the Office of the Comptroller of the Currency.
United Valley Bank, Cavalier, North Dakota will assume all the deposits of Marshall Bank, which came to $54.7 million. United paid a 7.35 premium for the deposits.
A loss-share transaction was agreed to by United Valley and the FDIC for $23.9 million of the assets of Marshall Bank. As of September 30, Marshall Bank has assets valued at $59.9 million.
The Deposit Insurance Fund will be hit for about $4.1 million in the deal.
* The Florida Community Bank, Immokalee, Florida, was also closed on Friday, with Premier American Bank, National Association, Miami, Florida, assuming their deposits.
Assets worth $305.4 million were taken over by Premier in a loss-share deal with the FDIC. Assets held by Florida Community Bank as of September 30, 2009 were $875.5 million. It’ll cost the Deposit Insurance Fund another $352.6 million.
* First National Bank of Georgia, Carrollton, Georgia was closed down on Friday by the Comptroller of the Currency, with Community & Southern Bank, Carrollton, Georgia, assuming all the deposits at the bank.
Community & Southern Bank came to a loss-share agreement with the FDIC for $607.4 million of First National Bank of Georgia’s assets, which has stood at $832.6 on September 30, 2009. Deposits held came to $757.9 million.
Cost to the FDIC Deposit Insurance fund will come to an estimated $260.4 million.
