Another Top 40 Failure

Today, thirty-third ranked GreenChoice Bank, fsb of Chicago, Illinois, was closed today by the Office of the Comptroller of the Currency. The three-branch bank had approximately $72.9 million in total assets and $71.0 million in total deposits. Providence Bank, LLC of South Holland, Illinois has agreed to assume all of the deposits of the failed bank and has agreed to purchase approximately $67.7 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.2 million.

Another Top 40 Failure

At 19th, Eastside Commercial Bank of Conyers, Georgia was a frequent member of the list and was finally closed today by the Georgia Department of Banking & Finance. Eastside Commercial Bank had two branches and approximately $169.0 million in total assets and $161.6 million in total deposits. Community & Southern Bank of Atlanta, Georgia has agreed to purchase approximately $104.7 million of the failed bank's assets and will assume all deposits. The FDIC also will separately enter into an agreement with State Bank and Trust Company of Macon, Georgia, to purchase $42.6 million of Eastside Commercial Bank's loans while retaining the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million.

Another Bank Set Free

The Freedom State Bank of Freedom, Oklahoma, was closed today by state regulators. The approximately $22.8 million in total assets and $20.9 million in total deposits of the former bank were acquired by Alva State Bank & Trust Company of Alva, Oklahoma. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million.

Hidden Valley Banks

Regulators shut down not one "Valley Bank" but two today.

The first, Valley Bank of Moline, Illinois, was closed today by state regulators. $375.4 million of the failed bank's approximately $456.4 million in total assets was purchased by Great Southern Bank of Reeds Spring, Missouri. In addition they assumed about $360.0 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.4 million. 

The other Valley Bank was based in Fort Lauderdale, Florida. It was closed today by state regulators. Landmark Bank, National Association, also from Fort Lauderdale, Florida has agreed to purchase the approximately $81.8 million in total assets and $66.5 million in total deposits of the former bank.
The FDIC estimates that the cost to the DIF at $7.7 million.

Number Eight Bank Fails

Slavie Federal Savings Bank of Bel Air, Maryland, was closed today by state regulators. To protect the depositors, the FDIC entered into a purchase and assumption agreement with, to assume all of the deposits of Slavie Federal Savings Bank. Bay Bank, FSB agreed to purchase approximately $129.9 million of the failed bank's assets. It also assumed $111.1 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.6 million.

Another Top 40 Failure

Fourteenth-ranked Columbia Savings Bank of Cincinnati, Ohio, was closed today by state regulators. The approximately $36.5 million in total assets and $29.5 million in total deposits of the former bank were assumed by United Fidelity Bank, fsb of Evansville, Indiana. United Fidelity Bank is ranked a very healthy 5216th on our list. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.3 million.

Last of the Aztecs

Third-ranked, AztecAmerica Bank of Berwyn, Illinois, was closed today by the Illinois state regulators. The former bank had approximately $66.3 million in total assets and $65.0 million in total deposits as of December 31, 2013. In addition to assuming all of the deposits of the failed bank, Republic Bank of Chicago (1642nd) based in Oak Brook, Illinois, has agreed to purchase approximately $58.3 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $18.0 million.