Friday, November 12, 2010

Bank Failure Friday: FDIC Closes 3 Banks *2010 total now 146*

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Bank Failure Friday: FDIC Closes 3 Banks

The 2010 USA bank failures increased to 146 with the closure of the 3 banks listed below. The 146 closings in 2010 exceed the 2009 total of 140. Total assets of the closed banks were $1,002,400,000 ($1.002 billion), based on the September 30, 2010 call reports (regulatory financial statements). All 3 banks were merged via purchase and assumption agreements into other banks.

Overall, two were small community banks, of about $204 million or less in total assets, that were closed by the FDIC. Darby Bank & Trust was larger with $654.7 million in total assets, though still a relatively small community bank.

#144 Tifton Banking Company, Tifton, GA
As of September 30, 2010, Tifton Banking Company had total assets of $143.7 million
Ameris Bank, Moultrie, Georgia, to assume all of the deposits
Ameris Bank, Moultrie, Georgia agreed to purchase virtually all the assets

#145 Darby Bank & Trust Co., Vidalia, GA
As of September 30, 2010, Darby Bank & Trust Co. had total assets of $654.7
Ameris Bank, Moultrie, Georgia, to assume all of the deposits
Ameris Bank, Moultrie, Georgia, agreed to purchase virtually all of the assets

#146 Copper Star Bank, Scottsdale, AZ
As of September 30, 2010, Copper Star Bank had total assets of $204.0 million
Stearns Bank National Association, St. Cloud, Minnesota, to assume all of the deposits
Stearns Bank National Association, St. Cloud, Minnesota, agreed to purchase essentially all of the assets

The next FDIC bank closings, if any, will most likely be announced on Friday, November 19.


Links
FDIC (FDIC.gov), including Failed Bank Information


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