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.