In the most recent failure this week number one ranked Country Bank of Aledo, Illinois was closed by state regulators. Blackhawk Bank & Trust (2714th) of Milan, Illinois agreed to purchase approximately $113.3 million of the failed bank's $190.6 million in assets and assumed approximately $167.5 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $66.3 million.
The first failure of the week belonged to 17th ranked Piedmont Community
Bank of Gray, Georgia. The approximately
$201.7 million in total assets and $181.4 million in total deposits were taken over by State Bank and
Trust Company (582nd) of Macon, Georgia. As part of the acquisition, the FDIC and State Bank and Trust Company entered into a loss-share
transaction on $163.2 million of Piedmont Community Bank's assets. The estimated cost to the DIF
will be about $71.6 million.
34th ranked Blue Ridge Savings
Bank, Inc. of Asheville, North Carolina also closed today. The Bank of North Carolina (617th) of Thomasville, North Carolina has agreed to take over the approximately
$161.0 million in total assets and $158.7 million in total deposits of the former bank. The purchase agreement includes a loss-share
transaction on $143.2 million of Blue Ridge Savings Bank, Inc.'s assets. The estimated cost to the DIF is $38.0 million.
Of note, nine banks have failed since the current Top 40 list came out and seven of these have been listed banks. It is also interesting to see that two of the acquirers this week are clearly less sound banks than has typically been the case in the past.
