Four Failures Including Another Top 40

Note to readers: The Office of the Comptroller of the Currency (OCC) now regulates thrifts and other institutions formerly regulated by the Office of Thrift Supervision. As of this time, however, there is still insufficient available data to add these banks to the rating system used by The Bank Blog.

26th ranked First Southern National Bank of Statesboro, Georgia by the OCC. Heritage Bank of the South (formerly OTS regulated) of Albany, Georgia has agreed to assume all of the approximately $159.7 million in total deposits of First Southern National Bank. Of the approximately $164.6 million in total assets, the FDIC and Heritage Bank of the South entered into a loss-share transaction on $115.7 million of First Southern National Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.6 million.

In an unusual move, 68th ranked Public Savings Bank of Huntingdon Valley, Pennsylvania, was closed on Thursday by the Pennsylvania Department of Banking. This small bank, $46.8 million by assets, was acquired by Capital Bank, National Association (2702nd) of Rockville, Maryland. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.0 million.

94th ranked First Choice Bank of Geneva, Illinois, was closed today by state regulators. The approximately $141.0 million in total assets and $137.2 million in total deposits were acquired by Inland Bank & Trust (595th) of Oak Brook, Illinois, to. The FDIC estimates that the cost to the DIF will be $31.0 million.

Un-ranked Lydian Private Bank of Palm Beach, Florida, was also closed today by the OCC. Sabadell United Bank, National Association (1454th) of Miami, Florida agree to assume the approximately $1.70 billion in total assets and $1.24 billion in total deposits adding nearly 50% to its total size in one day. In order to facilitate the acquisition, the FDIC and Sabadell United Bank entered into a loss-share transaction on $907.1 million of Lydian Private Bank's assets. As a result, the FDIC estimates that the cost to DIF of $293.2 million.