Fed Friday Returns in Full Force

After taking the Easter holiday off last week, regulators came back swinging with five closings (so far). Of these, 4 were listed on The Bank Blog's Top 40 list.

List leader, First Choice Community Bank of Dallas, GA finally succumbed to its fate as the riskiest bank this week. It had about $308.5 million in total assets and $310.0 million in total deposits when closed. Bank of the Ozarks (2415th) of Little Rock, AR has agreed to assume all deposits. Bank of the Ozarks also agreed to acquire the roughly three times as large, and 27th ranked, The Park Avenue Bank of Valdosta, GA.

Besides assuming all the deposits from the two Georgia banks, Bank of the Ozarks will purchase essentially all of their assets. The FDIC and Bank of the Ozarks entered into loss-share transactions on $260.7 million in First Choice Community Bank assets and $514.1 million for The Park Avenue Bank. The FDIC estimates the costs to the DIF at $92.4 million and $306.1 million respectively.

6th ranked, First National Bank of Central Florida of Winter Park, FL with approximately $352.0 million in total assets and $312.1 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A. (4938th) of Miami, FL has agreed to assume all deposits. Florida Community Bank also acquired 16th ranked Cortez Community Bank of Brooksville, FL. Cortez Community was a smaller bank with approximately $70.9 million in total assets and $61.4 million in total deposits.

The FDIC and Premier American Bank, N.A. entered into loss-share transactions of $270.0 million for First National Bank and the loss-share transaction for $51.3 million for Cortez Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $42.9 million and $18.6 million respectively.

The only bank to close this week that was not listed was 53rd ranked Community Central Bank of Mount Clemens, MI. Community Central had approximately $476.3 million in total assets and $385.4 million in total deposits when closed. Talmer Bank & Trust (unranked) of Troy, MI has agreed to assume all deposits. The FDIC and Talmer Bank & Trust have entered into a loss-share transaction on $362.4 million worth of assets. The estimated cost to the DIF for this closure is estimated at $183.2 million.