Friday, May 6, 2011
Premier American Bank Acquires Third Failed Bank in Two Weeks
OTS regulated (unranked), Coastal Bank of Cocoa Beach, FL closed this week with approximately $129.4 million in total assets and $123.9 million in total deposits. Florida Community Bank, owned by Premier American Bank, N.A., Miami, FL agreed to assume nearly all of the assets and deposits of the failed bank. This is the third failed bank acquired by Premier American in the last two week. Premier itself was formed when a bank of the same name was shut down in Jan. of 2010 and now contains the assets of a total of five shuttered banks. The agreement included a $108.2 million loss-share transaction FDIC and Premier American. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.4 million.
Friday, April 29, 2011
Fed Friday Returns in Full Force
After taking the Easter holiday off last week, regulators came back swinging with five closings (so far). Of these, 4 were listed on The Bank Blog's Top 40 list.
List leader, First Choice Community Bank of Dallas, GA finally succumbed to its fate as the riskiest bank this week. It had about $308.5 million in total assets and $310.0 million in total deposits when closed. Bank of the Ozarks (2415th) of Little Rock, AR has agreed to assume all deposits. Bank of the Ozarks also agreed to acquire the roughly three times as large, and 27th ranked, The Park Avenue Bank of Valdosta, GA.
Besides assuming all the deposits from the two Georgia banks, Bank of the Ozarks will purchase essentially all of their assets. The FDIC and Bank of the Ozarks entered into loss-share transactions on $260.7 million in First Choice Community Bank assets and $514.1 million for The Park Avenue Bank. The FDIC estimates the costs to the DIF at $92.4 million and $306.1 million respectively.
6th ranked, First National Bank of Central Florida of Winter Park, FL with approximately $352.0 million in total assets and $312.1 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A. (4938th) of Miami, FL has agreed to assume all deposits. Florida Community Bank also acquired 16th ranked Cortez Community Bank of Brooksville, FL. Cortez Community was a smaller bank with approximately $70.9 million in total assets and $61.4 million in total deposits.
The FDIC and Premier American Bank, N.A. entered into loss-share transactions of $270.0 million for First National Bank and the loss-share transaction for $51.3 million for Cortez Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $42.9 million and $18.6 million respectively.
The only bank to close this week that was not listed was 53rd ranked Community Central Bank of Mount Clemens, MI. Community Central had approximately $476.3 million in total assets and $385.4 million in total deposits when closed. Talmer Bank & Trust (unranked) of Troy, MI has agreed to assume all deposits. The FDIC and Talmer Bank & Trust have entered into a loss-share transaction on $362.4 million worth of assets. The estimated cost to the DIF for this closure is estimated at $183.2 million.
List leader, First Choice Community Bank of Dallas, GA finally succumbed to its fate as the riskiest bank this week. It had about $308.5 million in total assets and $310.0 million in total deposits when closed. Bank of the Ozarks (2415th) of Little Rock, AR has agreed to assume all deposits. Bank of the Ozarks also agreed to acquire the roughly three times as large, and 27th ranked, The Park Avenue Bank of Valdosta, GA.
Besides assuming all the deposits from the two Georgia banks, Bank of the Ozarks will purchase essentially all of their assets. The FDIC and Bank of the Ozarks entered into loss-share transactions on $260.7 million in First Choice Community Bank assets and $514.1 million for The Park Avenue Bank. The FDIC estimates the costs to the DIF at $92.4 million and $306.1 million respectively.
6th ranked, First National Bank of Central Florida of Winter Park, FL with approximately $352.0 million in total assets and $312.1 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A. (4938th) of Miami, FL has agreed to assume all deposits. Florida Community Bank also acquired 16th ranked Cortez Community Bank of Brooksville, FL. Cortez Community was a smaller bank with approximately $70.9 million in total assets and $61.4 million in total deposits.
The FDIC and Premier American Bank, N.A. entered into loss-share transactions of $270.0 million for First National Bank and the loss-share transaction for $51.3 million for Cortez Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $42.9 million and $18.6 million respectively.
The only bank to close this week that was not listed was 53rd ranked Community Central Bank of Mount Clemens, MI. Community Central had approximately $476.3 million in total assets and $385.4 million in total deposits when closed. Talmer Bank & Trust (unranked) of Troy, MI has agreed to assume all deposits. The FDIC and Talmer Bank & Trust have entered into a loss-share transaction on $362.4 million worth of assets. The estimated cost to the DIF for this closure is estimated at $183.2 million.
Saturday, April 23, 2011
No Closings This Week
No doubt due to the holiday in some parts of the country on Friday, there were no closings this week.
Friday, April 15, 2011
26th Ranked Bartow County Bank and Others Fail
Regulators made up for lost time this week closing six banks, including two in both Alabama and Georgia. Both small and large banks fell under feds axe from $38 million Rosemount Bank in Minnesota to $3 billion Superior Bank of Birmingham, Alabama.
26th ranked Bartow County Bank of Cartersville, Georgia, was closed this week by the Georgia Department of Banking and Finance. Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank (4090th) of Hoschton, GA has agreed to assume all deposits and nearly all of the assets of the failed bank. The agreement between the FDIC and Hamilton State Bank includes a loss-sharing transaction on $247.5 million of Bartow County Bank's assets and the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $69.5 million.
Falling just shy of the list, 43rd ranked New Horizons Bank of East Ellijay, Georgia, was also closed today by Georgia regulators. Citizens South Bank (un-ranked) of Gastonia, North Carolina has agreed to assume all of the deposits of New Horizons Bank. New Horizons had approximately $110.7 million in total assets and $106.1 million in total deposits. The FDIC and Citizens South Bank entered into a loss-share transaction on $84.7 million of New Horizons Bank's assets. The FDIC estimates costs of closing the bank at $30.9 million.
60th ranked Nexity Bank of Birmingham, Alabama, also closed today. It had approximately $793.7 million in total assets and $637.8 million in total deposits. Newly formed AloStar Bank of Commerce has agreed to assume all the deposits and has entered into a loss-share transaction on $384.2 million of Nexity Bank's assets. The FDIC estimates the costs of this closure at $175.4 million.
Birmingham, Alabama also experienced largest bank closure of the week as Superior Bank was forced to shut its doors. A newly chartered bank subsidiary of Community Bancorp LLC (CBC) called Superior Bank, N.A. was formed to assume the deposits of the former bank. Superior Bank had approximately $3.0 billion in total assets and $2.7 billion in total deposits. The FDIC and Superior Bank, N.A. entered into a loss-share transaction on $1.84 billion of Superior Bank's assets. The expected costs of Superior's failure are considerable at $259.6 million.
Superior was closed by the Office of Thrift Supervision (OTS). Due to differences in reporting requirements for OTS banks, they are not ranked by The Bank Blog. Superior's new owner, CBC, also acquired Cadence Bank in March. That purchase included a infusion $144 million into a bank which recently ranked 303rd on our list.
66th ranked Heritage Banking Group of Carthage, Mississippi, was closed today by the Mississippi Department of Banking and Consumer Finance. As of December 31, 2010, Heritage Banking Group had approximately $224.0 million in total assets and $196.2 million in total deposits. Trustmark National Bank (4298th) of Jackson, Mississippi has assumed the deposits of the failed bank and entered into a loss-share transaction on $156.4 million of Heritage Banking Group's assets. The FDIC estimates the cost to the DIF will be $49.1 million.
The smallest bank to close this week was 156th ranked Rosemount National Bank of Rosemount, MN with approximately $37.6 million in total assets and $36.6 million in total deposits. Central Bank (1732) of Stillwater, MN has agreed to assume all deposits. The cost is estimated at relatively inexpensive $3.6 million.
26th ranked Bartow County Bank of Cartersville, Georgia, was closed this week by the Georgia Department of Banking and Finance. Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank (4090th) of Hoschton, GA has agreed to assume all deposits and nearly all of the assets of the failed bank. The agreement between the FDIC and Hamilton State Bank includes a loss-sharing transaction on $247.5 million of Bartow County Bank's assets and the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $69.5 million.
Falling just shy of the list, 43rd ranked New Horizons Bank of East Ellijay, Georgia, was also closed today by Georgia regulators. Citizens South Bank (un-ranked) of Gastonia, North Carolina has agreed to assume all of the deposits of New Horizons Bank. New Horizons had approximately $110.7 million in total assets and $106.1 million in total deposits. The FDIC and Citizens South Bank entered into a loss-share transaction on $84.7 million of New Horizons Bank's assets. The FDIC estimates costs of closing the bank at $30.9 million.
60th ranked Nexity Bank of Birmingham, Alabama, also closed today. It had approximately $793.7 million in total assets and $637.8 million in total deposits. Newly formed AloStar Bank of Commerce has agreed to assume all the deposits and has entered into a loss-share transaction on $384.2 million of Nexity Bank's assets. The FDIC estimates the costs of this closure at $175.4 million.
Birmingham, Alabama also experienced largest bank closure of the week as Superior Bank was forced to shut its doors. A newly chartered bank subsidiary of Community Bancorp LLC (CBC) called Superior Bank, N.A. was formed to assume the deposits of the former bank. Superior Bank had approximately $3.0 billion in total assets and $2.7 billion in total deposits. The FDIC and Superior Bank, N.A. entered into a loss-share transaction on $1.84 billion of Superior Bank's assets. The expected costs of Superior's failure are considerable at $259.6 million.
Superior was closed by the Office of Thrift Supervision (OTS). Due to differences in reporting requirements for OTS banks, they are not ranked by The Bank Blog. Superior's new owner, CBC, also acquired Cadence Bank in March. That purchase included a infusion $144 million into a bank which recently ranked 303rd on our list.
66th ranked Heritage Banking Group of Carthage, Mississippi, was closed today by the Mississippi Department of Banking and Consumer Finance. As of December 31, 2010, Heritage Banking Group had approximately $224.0 million in total assets and $196.2 million in total deposits. Trustmark National Bank (4298th) of Jackson, Mississippi has assumed the deposits of the failed bank and entered into a loss-share transaction on $156.4 million of Heritage Banking Group's assets. The FDIC estimates the cost to the DIF will be $49.1 million.
The smallest bank to close this week was 156th ranked Rosemount National Bank of Rosemount, MN with approximately $37.6 million in total assets and $36.6 million in total deposits. Central Bank (1732) of Stillwater, MN has agreed to assume all deposits. The cost is estimated at relatively inexpensive $3.6 million.
Friday, April 8, 2011
Regulators Return to Action
This Friday, 17th ranked Western Springs National Bank and Trust of Western Springs, IL became the first bank to be shut down by regulators in two week. Western had approximately $186.8 million in total assets and $181.9 million in total deposits it was closed. Heartland Bank and Trust Company, (2746th) of Bloomington, IL assumed nearly all the assets and assumed all the deposits. The FDIC estimates the cost at the closing to be $31.0 million primarily due to a loss-share transaction on $100.8 million of Western Springs National Bank and Trust's commercial loans.
93rd ranked Nevada Commerce Bank of Las Vegas, Nevada was also closed today. City National Bank (1644th) of Los Angeles, California, to assume all of the deposits of Nevada Commerce Bank. This is the fourth acquisition of a failed bank by City National Bank since the start of the financial crisis and the second in Las Vegas. Nevada Commerce Bank had assets of approximately $144.9 million and deposits of $136.4 million and its closing is expected to cost the insurance fund $31.9 million.
93rd ranked Nevada Commerce Bank of Las Vegas, Nevada was also closed today. City National Bank (1644th) of Los Angeles, California, to assume all of the deposits of Nevada Commerce Bank. This is the fourth acquisition of a failed bank by City National Bank since the start of the financial crisis and the second in Las Vegas. Nevada Commerce Bank had assets of approximately $144.9 million and deposits of $136.4 million and its closing is expected to cost the insurance fund $31.9 million.
Friday, April 1, 2011
All is Quiet on the Failure Front
For the third week in the last five, regulators have elected not to close any commercial banks. The trend suggests that fewer banks would be at risk. While bank profitability is higher and asset values have recovered, there are still a number of banks at risk. At the Bank Blog we will be looking closely to see if the skies are clearing or this is the calm before another storm.
Friday, March 25, 2011
Number Three Worst Bank is Number One Failure
3rd ranked, The Bank of Commerce of Wood Dale, IL finally succumbed to regulators this week. The roughly $163.1 million bank by total assets had nearly identical deposits of $161.4 million, a clear sign of trouble. Advantage National Bank Group (3941st) of Elk Grove Village, IL has agreed to assume all deposits. They also entered into a loss-share transaction with the FDIC on $145.7 million of The Bank of Commerce's assets. Advantage National Bank Group will share in the losses on the asset pools covered under the loss-share agreement. The expected costs of the closure are $41.9 million.
Today, the FDIC also issued it's new list of Prompt Corrective Actions from February. This list indicates some of the most at risk banks. Included on that list are ranked banks:
4. Bank of Las Vegas
9. Michigan Commerce Bank
15. Sunrise Bank of Arizona
Today, the FDIC also issued it's new list of Prompt Corrective Actions from February. This list indicates some of the most at risk banks. Included on that list are ranked banks:
4. Bank of Las Vegas
9. Michigan Commerce Bank
15. Sunrise Bank of Arizona
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