This week 28th ranked Habersham Bank of Clarkesville, GA became the first Top 40 to fail. It had approximately $387.6 million in total assets and $339.9 million in total deposits was closed. SCBT National Association (2763rd) of Orangeburg, SC has agreed to assume all deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $90.3 million.
50th ranked (formerly 37th) Citizens Bank of Effingham of Springfield, GA also failed this week. It had approximately $214.3 million in total assets and $206.5 million in total deposits. Heritage Bank of the South (3800th) of Albany, GA has agreed to assume all deposits. The FDIC estimates the cost to the DIF at $59.4 million.
111th ranked Charter Oak Bank of Napa, CA also shut down this week. Charter Oak was a member of the Aug. 2010 list. Although its overall risk appeared to be falling it was not enough to avoid eventual seizure. The bank had approximately $120.8 million in total assets and $105.3 million in total deposits when closed. Bank of Marin (4126th) of Novato, CA has agreed to assume all deposits. The total cost to the DIF is estimated at $21.8 million.
The final closure of the week was OTS regulated (so un-ranked) San Luis Trust Bank, FSB of San Luis Obispo, CA. It had approximately $332.6 million in total assets and $272.2 million in total deposits. First California Bank (5008th) of Westlake Village, CA assumed the deposits. The expected cost is estimated to be $96.1 million.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment