Another Friday, another four banks axed
Weiss
Posts: 9,941 ✭✭✭✭✭
03-05-10
The largest of the four was Sun American Bank of Boca Raton, Florida, which had approximately $535.7 million in total assets and $443.5 million in total deposits, the Federal Deposit Insurance Corp (FDIC) said.
Regulators also closed Centennial Bank of Odgen, Utah, Waterfield Bank of Germantown, Maryland, and Bank of Illinois of Normal, Illinois.
The 12 branches of Sun American Bank will reopen on Monday as branches of First-Citizens Bank & Trust Company of Raleigh, North Carolina, which is assuming the deposits and purchasing essentially all the assets, FDIC said.
However, FDIC was unable to find a buyer for Centennial Bank so checks will be mailed on Monday to retail depositors for their insured funds, the agency said.
The bank had approximately $215.2 million in total assets and $205.1 million in total deposits. An estimated $1.8 million of those funds were uninsured, but that number could change as more information becomes available, FDIC said.
Waterfield Bank had $155.6 million in assets and $156.4 million in deposits. After April 5, the FDIC will mail checks to customers who have not closed their accounts or transferred their funds to another institution.
Heartland Bank and Trust of Bloomington, Illinois, agreed to assume the deposits of Bank of Illinois, whose two branches will reopen on Saturday as branches of Heartland.
FDIC said Bank of Illinois had $211.7 million in assets and $198.5 million in deposits. Heartland paid the FDIC a premium of 3.61 percent to assume the deposits and agreed to purchase essentially all of the failed bank's assets, FDIC said.
The largest of the four was Sun American Bank of Boca Raton, Florida, which had approximately $535.7 million in total assets and $443.5 million in total deposits, the Federal Deposit Insurance Corp (FDIC) said.
Regulators also closed Centennial Bank of Odgen, Utah, Waterfield Bank of Germantown, Maryland, and Bank of Illinois of Normal, Illinois.
The 12 branches of Sun American Bank will reopen on Monday as branches of First-Citizens Bank & Trust Company of Raleigh, North Carolina, which is assuming the deposits and purchasing essentially all the assets, FDIC said.
However, FDIC was unable to find a buyer for Centennial Bank so checks will be mailed on Monday to retail depositors for their insured funds, the agency said.
The bank had approximately $215.2 million in total assets and $205.1 million in total deposits. An estimated $1.8 million of those funds were uninsured, but that number could change as more information becomes available, FDIC said.
Waterfield Bank had $155.6 million in assets and $156.4 million in deposits. After April 5, the FDIC will mail checks to customers who have not closed their accounts or transferred their funds to another institution.
Heartland Bank and Trust of Bloomington, Illinois, agreed to assume the deposits of Bank of Illinois, whose two branches will reopen on Saturday as branches of Heartland.
FDIC said Bank of Illinois had $211.7 million in assets and $198.5 million in deposits. Heartland paid the FDIC a premium of 3.61 percent to assume the deposits and agreed to purchase essentially all of the failed bank's assets, FDIC said.
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
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"When more and more people are thrown out of work, unemployment results."
<< <i>Or, as Herbert Hoover once said:
"When more and more people are thrown out of work, unemployment results."
"Good news. Only 36,000 lost their jobs today."---Harry Reid.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>Or, as Herbert Hoover once said:
"When more and more people are thrown out of work, unemployment results."
"Good news. Only 36,000 lost their jobs today."---Harry Reid. >>
Harry Reid said paying taxes is optional.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
--Severian the Lame
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Is this the "change you believe in"?
This is Chicago politics at its best. I hope the country is enjoying it.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
It's not just change, it's hopey change...and people just love it mmmmm mmmmm mmmmm.
Tim Geithner said that it was all TurboTax's fault.
I knew it would happen.