Friday, November 18, 2011

Two New Failures

58th ranked Central Progressive Bank of Lacombe, Louisiana, was closed today and acquired by First NBC Bank, of New Orleans, Louisiana. Central Progressive Bank had approximately $383.1 million in total assets and $347.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, First NBC Bank (2343rd) agreed to purchase approximately $354.4 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.1 million.


147th ranked Polk County Bank of Johnston, Iowa, was closed today and acquired by Grinnell State Bank (5415th) of Grinnell, Iowa. Grinnell State Bank obtained approximately $91.6 million in total assets and $82.0 million in total deposits. The FDIC estimates that the cost to the DIF will be $12.0 million.

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