Friday, July 18, 2014

Another Top 40 Failure

At 19th, Eastside Commercial Bank of Conyers, Georgia was a frequent member of the list and was finally closed today by the Georgia Department of Banking & Finance. Eastside Commercial Bank had two branches and approximately $169.0 million in total assets and $161.6 million in total deposits. Community & Southern Bank of Atlanta, Georgia has agreed to purchase approximately $104.7 million of the failed bank's assets and will assume all deposits. The FDIC also will separately enter into an agreement with State Bank and Trust Company of Macon, Georgia, to purchase $42.6 million of Eastside Commercial Bank's loans while retaining the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million.


Friday, June 27, 2014

Another Bank Set Free

The Freedom State Bank of Freedom, Oklahoma, was closed today by state regulators. The approximately $22.8 million in total assets and $20.9 million in total deposits of the former bank were acquired by Alva State Bank & Trust Company of Alva, Oklahoma. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million.


Friday, June 20, 2014

Hidden Valley Banks

Regulators shut down not one "Valley Bank" but two today.

The first, Valley Bank of Moline, Illinois, was closed today by state regulators. $375.4 million of the failed bank's approximately $456.4 million in total assets was purchased by Great Southern Bank of Reeds Spring, Missouri. In addition they assumed about $360.0 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.4 million. 

The other Valley Bank was based in Fort Lauderdale, Florida. It was closed today by state regulators. Landmark Bank, National Association, also from Fort Lauderdale, Florida has agreed to purchase the approximately $81.8 million in total assets and $66.5 million in total deposits of the former bank.
The FDIC estimates that the cost to the DIF at $7.7 million.

Friday, May 30, 2014

Number Eight Bank Fails

Slavie Federal Savings Bank of Bel Air, Maryland, was closed today by state regulators. To protect the depositors, the FDIC entered into a purchase and assumption agreement with, to assume all of the deposits of Slavie Federal Savings Bank. Bay Bank, FSB agreed to purchase approximately $129.9 million of the failed bank's assets. It also assumed $111.1 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.6 million.





Friday, May 23, 2014

Another Top 40 Failure

Fourteenth-ranked Columbia Savings Bank of Cincinnati, Ohio, was closed today by state regulators. The approximately $36.5 million in total assets and $29.5 million in total deposits of the former bank were assumed by United Fidelity Bank, fsb of Evansville, Indiana. United Fidelity Bank is ranked a very healthy 5216th on our list. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.3 million.

Friday, May 16, 2014

Last of the Aztecs

Third-ranked, AztecAmerica Bank of Berwyn, Illinois, was closed today by the Illinois state regulators. The former bank had approximately $66.3 million in total assets and $65.0 million in total deposits as of December 31, 2013. In addition to assuming all of the deposits of the failed bank, Republic Bank of Chicago (1642nd) based in Oak Brook, Illinois, has agreed to purchase approximately $58.3 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $18.0 million.

Saturday, April 26, 2014

Surprise Failure

In a surprising turn of events, 644th-ranked Allendale County Bank of Fairfax, South Carolina, was closed on Friday by the South Carolina State Board of Financial Institutions. Allendale County Bank was not without its problems, having struggled to stay profitable for years. It was under a consent order with regulators in 2013 and the victim of of corporate theft by a bank teller in 2012. which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The approximately $54.5 million in total assets of the former bank were acquired by Palmetto State Bank (6197th) of Hampton, South Carolina, to assume all of the deposits of Allendale County Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.1 million.