FDIC Closes Bank With Ties to Obama Administration

At 5th on the new "Top 40" list for this quarter ShoreBank of Chicago, IL closed after extensive attempts to save the failing bank. ShoreBank has been credited with providing loans to many low income individuals and minority businesses in Chicago's Southside. In most respects a "classic" community bank, JP Morgan, Bank of America, Citigroup and other major banks all have played a role in trying to keep the bank going. ShoreBank had sizable assets of approximately $2.16 billion along with $1.54 billion in total deposits. But they could not escape the pressure of mounting losses and troubled loans.

A new entity, Urban Partnership Bank of Chicago, IL has agreed to assume nearly all deposits. Investors include Goldman Sachs Group Inc., General Electric Co., JPMorgan Chase & Co., Citigroup Inc. and several philanthropic groups, according to news reports.

At 6th on the list, Community National Bank at Bartow, FL closed today. It had approximately $67.9 million in total assets and $63.7 million in total deposits. It had lost $7.8 million in the first half of the year. CenterState Bank of Florida N.A. of Winter Haven, FL (3596th) has agreed to assume all deposits, excluding certain brokered deposits.

Also on the list, 35th ranked Independent National Bank of Ocala, FL closed as well. It had approximately $156.2 million in total assets and $141.9 million in total deposits. Losses for the first half of the year total led $7.2 million. CenterState Bank of Florida N.A.,also agreed to assume the deposits of this bank.

6687th ranked Rabobank, N.A. (6659th) of El Centro, CA also became the acquirer of two failed banks today. 78th ranked Pacific State Bank of Stockton, CA was one. Pacific State had approximately $312.1 million in total assets and $278.8 million in total deposits. The other, 99th ranked Butte Community Bank of Chico, CA had approximately $498.8 million in total assets and $471.3 million in total deposits.

At 178th Sonoma Valley Bank of Sonoma, CA with approximately $337.1 million in total assets and $255.5 million in total deposits was closed. Westamerica Bank (4038) of San Rafael, CA has agreed to assume all deposits.


Un-ranked (OTS regulated banks are not ranked) Imperial Savings and Loan Association of Martinsville, VA closed with approximately $9.4 million in total assets and $10.1 million in total deposits. River Community Bank, N.A of Martinsville, VA has agreed to assume all deposits. River Community Bank is a stable 1599th on the list, although earnings for the first half of the year were essentially flat.

Un-ranked Los Padres Bank of Solvang, CA with approximately $870.4 million in total assets and $770.7 million in total deposits was closed. Pacific Western Bank (1131st) of San Diego, CA has agreed to assume all deposits.