Maryland based and/or formerly OTS regulated banks faced an active week of shutdowns by regulators.
Fourteenth ranked, Palm Desert
National Bank of Palm Desert, California, was closed today by the OCC. Pacific Premier Bank (2219th) of Costa Mesa has agreed to acquired all of the approximately
$125.8 million in total assets and $122.8 million in total deposits. This is the second failed bank acquisition by Pacific Premier Bank. They previously acquired Canyon National Bank of Pal Springs, California in February 2011. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $20.1 million.
26th ranked, HarVest Bank of Maryland from Gaithersburg, Maryland, was closed today by state regulators. The approximately $164.3 million in total assets and $145.5 million in total deposits were acquired by Sonabank (5842nd) of McLean, Virginia. This is the second failed bank acquisition for Sonabank. It previously acquired Great Atlantic Savings Bank of Reston, Va. in December of 2009. The FDIC estimates that the cost to the DIF will be $17.2 million.
26th ranked, HarVest Bank of Maryland from Gaithersburg, Maryland, was closed today by state regulators. The approximately $164.3 million in total assets and $145.5 million in total deposits were acquired by Sonabank (5842nd) of McLean, Virginia. This is the second failed bank acquisition for Sonabank. It previously acquired Great Atlantic Savings Bank of Reston, Va. in December of 2009. The FDIC estimates that the cost to the DIF will be $17.2 million.
63rd ranked, Bank of the
Eastern Shore of Cambridge, Maryland was also closed today. The FDIC was unable to find an acquirer for the approximately $166.7
million in total assets and $154.5 million in total deposits of this former bank. As a result, it set up the Deposit Insurance National Bank of Eastern Shore
(DINB), which will remain open until May 25, 2012 to allow depositors
access to their insured deposits and time to open accounts at other
insured institutions. The cost to the DIF is estimated to be
$41.8 million.
Un-ranked, formerly OTS, regulated Plantation Federal
Bank of Pawleys Island of South Carolina, closed as well. First Federal Bank (un-ranked), of Charleston, South Carolina agreed to assume the approximately $440.5 million in total deposits. First Federal also acquired nearly all of the $486.4 million former Plantation Federal Bank's total assets, entering into a loss-share
transaction on $221.7 million. The FDIC estimates that the cost to DIF
will be $76.0 million.
Finally, un-ranked Inter Savings
Bank, fsb D/B/A InterBank, fsb, Maple Grove, Minnesota, was closed today. To
protect the depositors, the FDIC entered into a purchase and assumption
agreement with Great Southern Bank (975th) of Reeds Spring, Missouri, to assume
all of the $473.0 million in total deposits. The FDIC and Great Southern Bank also entered into a loss-share
transaction on $413.0 million of the approximately $481.6
million in acquired assets of the former InterBank. This is the fourth failed bank acquisition for Great Southern. The FDIC estimates that the cost to the DIF
will be $117.5 million.
