Friday, November 5, 2010

Bank Failure Friday: FDIC Closes 4 Banks *2010 total now 143, exceeds 2009 total of 140*

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Bank Failure Friday: FDIC Closes 4 Banks

The 2010 USA bank failures increased to 143 with the closure of the 4 banks listed below. The 143 closings in 2010 now exceed the 2009 total of 140. Total assets of the closed banks were $906,000,000 ($906  million), based on the September 30, 2010 call reports (regulatory financial statements). All 4 banks were merged via purchase and assumption agreements into other banks.

Overall, two were small community banks, less than $100 million in total assets, that were closed by the FDIC. Pierce Commercial Bank was larger with $221.1 million in total assets, though still a relatively small community bank. K Bank was the largest with $538.3 million in total assets.

#140 K Bank, Randallstown, MD
As of September 30, 2010, K Bank had approximately $538.3 million in total assets
Manufacturers and Traders Trust Company (M&T Bank), Buffalo, New York, to assume all of the deposits, except certain brokered deposits
M&T Bank agreed to purchase approximately $410.8 million of the failed bank's assets.
The FDIC will retain the balance of the assets for later disposition.

#141 Western Commercial Bank, Woodland Hills, CA
As of September 30, 2010, Western Commercial Bank had approximately $98.6 million in total assets
First California Bank, Westlake Village, California, to assume all of the deposits
First California Bank agreed to purchase essentially all of the assets

#142 Pierce Commercial Bank, Tacoma, WA
As of September 30, 2010, Pierce Commercial Bank had approximately $221.1 million in total assets
Heritage Bank, Olympia, Washington, to assume all of the deposits
Heritage Bank agreed to purchase essentially all of the assets

#143 First Vietnamese American Bank, Westminster, CA
As of September 30, 2010, First Vietnamese American Bank had approximately $48.0 million in total assets
Grandpoint Bank, Los Angeles, California, to assume all of the deposits
Grandpoint Bank agreed to purchase essentially all of the assets

The next FDIC bank closings, if any, will most likely be announced on Friday, November 12.


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


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