Nova Bank Is No Longer

118th-ranked NOVA Bank of Berwyn, Pennsylvania was closed today by the FDIC. Unlike most closings, no acquirer could be found to acquire the approximately $483.0 million in total assets and $432.2 million in total deposits of the former bank. As a result, The FDIC will act as receiver and will retain all the assets from NOVA Bank for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $91.2 million.

Two Failures in the Top Ten

After another few weeks of stability in commercial banking, three former institutions showed that weakness still exists in some areas of the country. 
 
In a move that was probably inevitable, third-ranked GulfSouth Private Bank of Destin, Florida, was closed today by state regulators. SmartBank (4626th) of Pigeon Forge, Tennessee has agreed to acquire the approximately $159.1 million in total assets and $151.1 million in total deposits of the former bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $36.1 million. 


Eighth-ranked Excel Bank of Sedalia, Missouri also closed this week. Simmons First National Bank (1783rd) of Pine Bluff, Arkansas stepped in to acquire the approximately $200.6 million in total assets and $187.4 million in total deposits of the former bank.This was Simmons fourth failed bank acquisition. The FDIC estimates that the cost to the DIF will be $40.9 million.


In addition to assuming all of the deposits of the failed bank, Stearns Bank agreed to purchase essentially all of the assets.Florida regulators also shut down 82nd ranked First East Side Savings Bank based in Tamarac. Frequent acquirer of failed banks Stearns Bank National Association (6643rd) of St. Cloud, Minnesota, has agreed to acquire the approximately $67.2 million in total assets and $65.9 million in total deposits of the former bank. The FDIC estimates that the cost to the DIF will be $9.1 million. 

No New Failures

As of 6:05 pm EDT there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

No New Failures

As of 5:50 pm there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Number Eighteen Fails

Eighteenth-ranked First United Bank of Crete, Illinois, was closed today by state regulators. The former bank was acquired by Old Plank Trail Community Bank, National Association of New Lenox, Illinois (518th). Old Plank Trail Community Bank, N.A. agreed to purchase essentially all of the failed bank's assets $328.4 million in total assets. In addition, it will pay a premium of 0.60 for the. The FDIC and Old Plank Trail Community Bank, N.A. also entered into a loss-share transaction on $172.7 million of First United Bank's assets. $316.9 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $48.6 million.

No New Failures

As of 7:45 pm there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Number Four Bank Fails

Fourth-ranked Truman Bank of Saint Louis, Missouri, was closed today by state regulators. The approximately $282.3 million in total assets and $245.7 million in total deposits of the former bank were acquired by the Simmons First National Bank (1783rd) of Pine Bluff, Arkansas, to assume all of the deposits of Truman Bank.This was Simmons third acquisition of a failed bank since the start of the crisis. As part of the deal, the FDIC and Simmons First National Bank entered into a loss-share transaction on $117.8 million of Truman Bank's assets. Overall, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $34.0 million.