Two Heartland Banks Fail (originally posted Feb. 10th)

108th-ranked Charter National Bank and Trust of Hoffman Estates, Illinois failed this week and was taken over by Barrington Bank & Trust Company, National Association (2073rd) of Barrington, Illinois. Barrington Bank assumed all of the approximately $89.5 million in total deposits and acquired $93.9 million in total assets and. They also entered into a loss-share transaction with the FDIC on $72.1 million of the former Charter National Bank and Trust's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million.

Formerly OTS regulated and un-ranked SCB Bank of Shelbyville, Indiana also closed today. The approximately $182.6 million in total assets and $171.6 million in total deposits were assumed by First Merchants Bank National Association of Muncie, Indiana.  First Merchant's, a stable 3981st on our rankings, has not previously acquired any failed banks. The FDIC estimates that the cost to the DIF  will be $33.9 million.