Unlucky Thirteen Fails

This week, thirteenth-ranked Jasper Banking Company of Jasper, Georgia was closed by the Georgia Department of Banking and Finance. Stearns Bank National Association (6848th) of St. Cloud, Minnesota has agreed to assume the $213.1 million deposits and purchase essentially all of the $216.7 million in assets of the failed bank. The FDIC and Stearns Bank N.A. entered into a loss-share transaction on $106.0 million of Jasper Banking Company's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.1 million. This will add considerably to the $1.3 billion in assets already controlled by Stearns Bank N.A. It has been a significant participant in failed bank acquisitions in the past. This is the eighth such banking operation acquired by Stearns via closure.