This week marks the fourth Top Ten Failure for the list as Old Harbor Bank of Clearwater, Florida and three other banks failed. The tenth ranked bank was taken over by 1st United Bank (3802nd) of Boca Raton, Florida. This is the third failed bank acquisition for 1st United Bank having previously acquired the Bank of Miami and Republic Federal Bank in 2010 and 2009 respectively. The $1.26 billion bank by assets will grow considerably from Old Harbor Bank's approximately $215.9 million in total assets and $217.8 million in total deposits. 1st United Bank entered into a loss-share transaction on $155.6 million of these assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.3 million.
32nd ranked Community Banks of Colorado of Greenwood, Colorado failed today and was acquired by Bank Midwest, National Association (5715th) of Kansas City, Missouri. This was the second failed bank acquired by Bank Midwest, the former being the Bank of Choice in July. Considerably larger than most recent failures Community Banks of Colorado had approximately $1.38 billion in total assets and $1.33 billion in total deposits. The FDIC and Bank Midwest have entered into a loss-share transaction on $714.2 million of Community Banks of Colorado's assets at an estimated overall cost of $224.9 million.
57th ranked Community Capital
Bank of Jonesboro, Georgia, was closed today and acquired by State Bank and
Trust Company (582nd) of Macon, Georgia. State Bank and Trust Company has been a major acquirer of failed banks having snapped up 12 to date. With this purchase, they added approximately $181.2
million in total assets and $166.2 million in total deposits. A loss-share transaction covers $141.3
and the overall cost to the DIF is estimated at a relatively costly $62.0 million.
96th ranked Decatur First Bank of Decatur, Georgia also failed this week after struggling with low regulator capital and a lack of profitability. Fidelity Bank (1368th) of Atlanta, Georgia acquired the approximately $191.5 million in total assets and $179.2 million in total deposits of the failed bank. Their agreement with the FDIC includes a loss-share transaction on $111.5 million and is expected to cost the DIF $32.6 million.
