Couldn't Avoid the Gulf

18th ranked Gulf State Community Bank of Carrabelle, FL was swallowed up by regulators this week. Gulf State closed with approximately $112.1 million in total assets and $112.2 million in total deposits was closed. Centennial Bank (4347th) of Conway, AR has agreed to assume nearly all deposits deposits. This is the 6th bank that Centennial has acquired in the area through closures.

21st ranked First Banking Center (FBC) of Burlington, WI has also been closed this week. On Aug. 17th, FBC received a Prompt Corrective Action from regulators giving them 60 days to shore up their finances. This week their time ran out and the slightly larger bank of approximately $750.7 million in total assets and $664.8 million in total deposits was closed. First Michigan Bank (6477th) of Troy, MI has agreed to assume all deposits.

84th ranked Allegiance Bank of North America from Bala Cynwyd, PA also closed this week. Allegiance had approximately $106.6 million in total assets and $92.0 million in total deposits was closed. VIST Bank (1860th) of Wyomissing, PA has agreed to assume all deposits.