Saturday, October 23, 2010

Bank Failure Friday: FDIC Closes 7 Banks! *2010 total now 139*

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Bank Failure Friday: FDIC Closes 7 Banks!

The 2010 USA bank failures increased to 139 with the closure of the 7 banks listed below. Total assets of the closed banks were $2,151,200,000 ($2.15 billion), based on the June 30, 2010 call reports (regulatory financial statements). 6 of the 7 banks were merged via purchase and assumption agreements into other banks.

A merger could not be found for First Arizona Savings, a F.S.B., therefore the FDIC stated, "The FDIC was unable to find another financial institution to take over the banking operations of First Arizona Savings, A FSB. As a result, checks to depositors for their insured funds will be mailed on Monday, October 25."

Overall, 5 were small community banks, less than $150 million in total assets, that were closed by the FDIC. First Arizona Savings, a F.S.B, was larger with $272.2 million in total assets. Hillcrest Bank in Overland Park, KS was the largest with $1.65 billion in total assets.

First Bank of Jacksonville, Jacksonville, FL
Total assets $81 million at June 30, 2010, merged into Ameris Bank, Moultrie, Georgia

Progress Bank of Florida, Tampa, FL
Total assets $110.7 million at June 30, 2010, merged into Bay Cities Bank, Tampa, Florida

The Gordon Bank, Gordon, GA
Total assets $29.4 million at June 30, 2010, merged into Morris Bank, Dublin, Georgia

The First National Bank of Barnesville, Barnesville, GA
Total assets $131.4 million at June 30, 2010, merged into United Bank, Zebulon, Georgia

First Suburban National Bank, Maywood, IL
Total assets $148.7 million at June 30, 2010, merged into Seaway Bank and Trust Company, Chicago, Illinois

Hillcrest Bank, Overland Park, KS
Total assets $1.65 billion at June 30, 2010, merged into Hillcrest Bank, National Association, Overland Park, Kansas, a newly-chartered bank subsidiary of NBH Holdings Corp., Boston, Massachusetts.

First Arizona Savings, a F.S.B., Scottsdale, AZ
Total assets $272.2 million at June 30, 2010, Federal Deposit Insurance Corporation (FDIC) was named Receiver. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $32.8 million. First Arizona Savings, A FSB is the 139th FDIC-insured institution to fail this year, and the third in Arizona. The last institution closed in the state was Towne Bank of Arizona, Mesa, on May 7, 2010.

The next FDIC bank closings, if any, will most likely be announced on Friday, October 29.

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