Third-ranked First Guaranty
Bank and Trust Company of Jacksonville, Florida, was
closed today by regulators and acquired by CenterState Bank of Florida, National
Association of Winter Haven, Florida. As of the most recent listing, CenterState Bank ranked a moderate 1717th on the list of most problematic banks. CenterState Bank has acquired six failed institutions since 2009. With this acquisition, they have added approximately $377.9 million in total assets and $349.5
million in total deposits. CenterState Bank of Florida, National Association also
entered into a loss-share transaction on $292.9 million of First
Guaranty Bank and Trust Company of Jacksonville's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $82.0 million.
Fourteenth-ranked Tennessee Commerce Bank of Franklin, Tennessee was also closed today. This was the first of two failures of a Tennessee based bank today and also the first since 2002. Republic Bank & Trust Company of Louisville has agreed to assume the approximately $1.156 billion in deposits of the failed bank. In a first acquisition of its kind for Republic, they agreed to purchase only $203.9 million of the failed bank's approximately $1.185 billion in total assets. As a result, the FDIC estimates that the cost to the DIF to be a hefty $416.8 million. Republic Bank and Trust ranks among the most solid banks on our list at 6111th, in the top 10% in terms of their stable financials.
38th ranked Patriot Bank Minnesota of Forest Lake, Minnesota, was closed today by the Minnesota Department of Commerce. First Resource Bank (6707th) of Savage, Minnesota, has agreed to assume the approximately $111.3 million in total assets and $108.3 million in total deposits of Patriot Bank Minnesota. First Resource Bank and the FDIC entered into a loss-share transaction on $79.4 million of Patriot Bank Minnesota's assets. The FDIC estimates that the cost to the DIF will be $32.6 million
Just out of the Top 40, at 47th, BankEast of Knoxville, Tennessee, was closed today by the Tennessee Department of Financial Institutions. U.S. Bank National Association (836th) of Cincinnati, Ohio has agreed to acquire the approximately $272.6 million in total assets and $268.8 million in total deposits of the former bank. The FDIC estimates that the cost to the DIF will be $75.6 million.
Fourteenth-ranked Tennessee Commerce Bank of Franklin, Tennessee was also closed today. This was the first of two failures of a Tennessee based bank today and also the first since 2002. Republic Bank & Trust Company of Louisville has agreed to assume the approximately $1.156 billion in deposits of the failed bank. In a first acquisition of its kind for Republic, they agreed to purchase only $203.9 million of the failed bank's approximately $1.185 billion in total assets. As a result, the FDIC estimates that the cost to the DIF to be a hefty $416.8 million. Republic Bank and Trust ranks among the most solid banks on our list at 6111th, in the top 10% in terms of their stable financials.
38th ranked Patriot Bank Minnesota of Forest Lake, Minnesota, was closed today by the Minnesota Department of Commerce. First Resource Bank (6707th) of Savage, Minnesota, has agreed to assume the approximately $111.3 million in total assets and $108.3 million in total deposits of Patriot Bank Minnesota. First Resource Bank and the FDIC entered into a loss-share transaction on $79.4 million of Patriot Bank Minnesota's assets. The FDIC estimates that the cost to the DIF will be $32.6 million
Just out of the Top 40, at 47th, BankEast of Knoxville, Tennessee, was closed today by the Tennessee Department of Financial Institutions. U.S. Bank National Association (836th) of Cincinnati, Ohio has agreed to acquire the approximately $272.6 million in total assets and $268.8 million in total deposits of the former bank. The FDIC estimates that the cost to the DIF will be $75.6 million.
