Five banks have failed in one of the busiest weeks for regulators in months. Two of these are in our Top 40 (another falling just short) and all rank within the weakest 100 banks.
Eleventh-ranked, Georgia Trust
Bank of Buford, Georgia, was closed today by the Georgia Department of
Banking and Finance. Community &
Southern Bank (5121st) of Atlanta, Georgia, to assume all of the approximately $117.4 million in total deposits as well as $111.5 million of the former bank's $119.8
million in total assets. With over $2 billion dollars in assets, Community & Southern Bank is a frequent acquirer of failed banks. It has previously taken over 5 other banks, including 3 in one day on Sept. 17th, 2010. Community & Southern Bank also entered into a loss-share
transaction with the FDIC on $65.9 million of Georgia Trust Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $20.9 million.
Twelfth-ranked, Royal Palm
Bank of Florida located in Naples, Florida, was closed today by the Florida Office
of Financial Regulation, First National
Bank of the Gulf Coast (5636th) also of Naples, Florida, to assume all of the
approximately $87.0 million in total assets and $85.1 million in total
deposits. The estimated cost to the DIF
will be $13.5 million.
Falling just short of the list, 52nd-ranked, First Cherokee
State Bank of Woodstock, Georgia, was also closed today by the Georgia's regulators. Community
& Southern Bank also acquired the approximately
$222.7 million in total assets and $193.3 million in total deposits. Similar to the other deal, The FDIC and Community & Southern Bank entered into a loss-share
transaction on $141.8 million of First Cherokee State Bank's assets. The estimated cost to the DIF
will be $36.9 million.
Later in the evening, 90th-ranked, Heartland Bank of Leawood, Kansas was closed by The Kansas Office of the State Bank Commissioner. Metcalf Bank (6542nd) of Lees Summit, Missouri has agreed to acquire all of the approximately $102.6 million in total deposits. In addition they agreed to purchase essentially all of the approximatel $110 million in assets pursuant to a loss-share transaction on $54.3 million of the former Heartland Bank's assets. The estimated cost to the DIF will be $3.1 million.
98th-ranked, Second Federal Savings and Loan Association of Chicago, was closed today by the Office of the Comptroller of the Currency (OCC). Hinsdale Bank & Trust Company (3508th) of Hinsdale, Illinois has agreed assume the roughly $175.9 million in total deposits of Second Federal Savings. However, Hinsdale Bank & Trust Company has only agreed to purchase approximately $14.2 million in largely cash assets. The remainder or the nearly $200 million assets will be retained by the FDIC. As a result, the FDIC estimated the cost to the DIF will be $76.9 million.
Later in the evening, 90th-ranked, Heartland Bank of Leawood, Kansas was closed by The Kansas Office of the State Bank Commissioner. Metcalf Bank (6542nd) of Lees Summit, Missouri has agreed to acquire all of the approximately $102.6 million in total deposits. In addition they agreed to purchase essentially all of the approximatel $110 million in assets pursuant to a loss-share transaction on $54.3 million of the former Heartland Bank's assets. The estimated cost to the DIF will be $3.1 million.
98th-ranked, Second Federal Savings and Loan Association of Chicago, was closed today by the Office of the Comptroller of the Currency (OCC). Hinsdale Bank & Trust Company (3508th) of Hinsdale, Illinois has agreed assume the roughly $175.9 million in total deposits of Second Federal Savings. However, Hinsdale Bank & Trust Company has only agreed to purchase approximately $14.2 million in largely cash assets. The remainder or the nearly $200 million assets will be retained by the FDIC. As a result, the FDIC estimated the cost to the DIF will be $76.9 million.
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