The fifth riskiest bank on our list failed this week along with two others. Putnam State Bank of
Palatka, Florida joins its brethren in one of the states hardest hit by the financial crisis. Harbor Community Bank (7189th) of
Indiantown, Florida, has agreed to assume all of the approximately $160.0 million in total deposits of Putnam State Bank. In addition, the FDIC and Harbor Community Bank have entered into a loss-share
transaction on $112.3 million out of of approximately $169.5
million of Putnam State Bank's assets. This transaction will increase the asset base of Harbor Community Bank by 50-60% based on the most recent figures and ultimate resolution of the assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $37.4 million.
In a sign that just because a firm does not make the Top 40 list does not mean that it is without risk, 70th-ranked Security Exchange Bank of Marietta, Georgia was closed today by the Georgia Department of Banking and Finance. Fidelity Bank (1563rd) of Atlanta, Georgia, has agreed to assume the approximately $147.9 million in total deposits. Similar to Harbor Community Bank, Fidelity Bank has entered into a loss-share transaction on $102.8 million of the former bank's $151.0 million in total assets. The FDIC estimates that the cost to the DIF will be $34.3 million.
The Farmers Bank of Lynchburg of Lynchburg, Tennessee, was also closed today. Essentially all of the approximately $163.9 million in total assets and $156.4 million in total deposits were taken over by Clayton Bank and Trust (5071st) of Knoxville, Tennessee.The estimated cost to the DIF will be $28.3 million.
In a sign that just because a firm does not make the Top 40 list does not mean that it is without risk, 70th-ranked Security Exchange Bank of Marietta, Georgia was closed today by the Georgia Department of Banking and Finance. Fidelity Bank (1563rd) of Atlanta, Georgia, has agreed to assume the approximately $147.9 million in total deposits. Similar to Harbor Community Bank, Fidelity Bank has entered into a loss-share transaction on $102.8 million of the former bank's $151.0 million in total assets. The FDIC estimates that the cost to the DIF will be $34.3 million.
The Farmers Bank of Lynchburg of Lynchburg, Tennessee, was also closed today. Essentially all of the approximately $163.9 million in total assets and $156.4 million in total deposits were taken over by Clayton Bank and Trust (5071st) of Knoxville, Tennessee.The estimated cost to the DIF will be $28.3 million.
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