Well, all was quiet the first 2 weeks. Now here's the first 2 banks for 2009. Press Releases Republic Bank of Chicago Acquires All the Deposits of National Bank of Commerce, Berkeley, IL FOR IMMEDIATE RELEASE January 16, 2009 Media Contact: LaJuan Williams-Dickerson (202) 898-3876 e-mail: lwilliams-dickerson@fdic.gov National Bank of Commerce, Berkeley, Illinois, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of National Bank of Commerce. The two locations of National Bank of Commerce will reopen on Saturday as branches of Republic Bank of Chicago. Depositors of the failed bank will automatically become depositors of Republic Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Republic Bank can fully integrate the deposit records of National Bank of Commerce. Over the weekend, depositors of National Bank of Commerce can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of January 7, 2009, National Commerce Bank had total assets of $430.9 million and total deposits of $402.1 million. In addition to assuming all of the failed bank's deposits, Republic Bank agreed to purchase approximately $366.6 million in assets at a discount of $44.9 million. The FDIC will retain the remaining assets for later disposition. Customers who have questions about today's transaction can call the FDIC toll free at 1-800-760-3641. This phone number will be operational this evening until 9:00 p.m., central; on Saturday from 9:00 a.m. to 6:00 p.m., central; and on Sunday from Noon to 6:00 p.m., central and thereafter from 8:00 a.m. to 8:00 p.m., central. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/commerce.html. The FDIC estimates that the cost to the Deposit Insurance Fund will be $97.1 million. Republic Bank's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. National Bank of Commerce is the first bank to fail in the nation this year. The last bank to be closed in the state was Meridian Bank, Eldred, on October 10, 2008. ------------------------ Umpqua Bank Acquires the Insured Deposits of Bank of Clark County, Vancouver, WA FOR IMMEDIATE RELEASE January 16, 2009 Media Contact: LaJuan Williams-Dickerson Office â 202-898-3876 Lwilliams-dickerson@fdic.gov Bank of Clark County, Vancouver, Washington, was closed today by the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume the insured deposits of the Bank of Clark County. Bank of Clark County will reopen on Tuesday, due to the Martin Luther King, Jr. holiday, as branches of Umpqua Bank. Depositors of the failed bank will automatically become depositors of Umpqua Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Over the weekend, customers of Bank of Clark County can access their insured deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of January 13, 2009, Bank of Clark County had total assets of $446.5 million and total deposits of $366.5 million. At the time of closing, there were approximately $39.3 million in uninsured deposits held in approximately 138 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers. Umpqua will not assume the approximately $117.8 million in brokered deposits. The FDIC will pay the brokers directly for the amount of their insured funds. Customers with accounts in excess of $250,000 should contact the FDIC toll free at 1-800-822-9247 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m., PST; on Saturday from 9:00 a.m. to 6 p.m., PST; and on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Customers who would like more information on today's transaction should visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/clark.html. Beginning Monday, depositors of Bank of Clark County with more than $250,000 at the bank may visit the FDIC's Web page, "Is My Account Fully Insured?" at http://www2.fdic.gov/dip/Index.asp to determine their insurance coverage. In addition to assuming the failed bank's insured deposits, Umpqua Bank will purchase $30.4 million of assets comprised of cash, cash equivalents, marketable securities and loans secured by deposits. The FDIC will retain the remaining assets for later disposition. The transaction is the least costly resolution option, and the FDIC estimates the cost to its Deposit Insurance Fund will be between $120 and $145 million. Bank of Clark County is the second FDIC-insured institution to be closed this year. Bank of Clark County is the first bank to fail in Washington since Emerald City Bank, Seattle, on July 2, 1993.
I missed this as it happened Friday evening... But still applies! First Centennial Bank of California Shut by Regulator (Update1) By Margaret Chadbourn and Ari Levy Jan. 23 (Bloomberg) -- First Centennial Bank of Redlands, California, was seized by a state regulator, the third U.S. bank to fail this year, as the recession deepens and the slump in the housing industry sends home foreclosures to records. First Centennial, with $803.3 million in assets and $676.9 million in deposits, was shut by the California Department of Financial Institutions and the Federal Deposit Insurance Corp. was named receiver. First California Bank, based in Westlake Village, will assume deposits. The failed bankâs 6 offices will open Jan. 26 as branches of First California, the FDIC said. âDepositors of the failed bank will automatically become depositors of First California,â the FDIC said in an e-mailed statement. âThere is no need for customers to change their banking relationship to retain their deposit insurance coverage.â Regulators closed 25 banks last year, the most since 1993, draining money from the FDIC deposit insurance fund, which had $34.6 billion as of Sept. 30. National Bank of Commerce in Berkeley, Illinois, and Bank of Clark County in Vancouver, Washington, were shuttered by regulators on Jan. 16. First California will buy about $293 million in assets and will pay a premium of 5.3 percent to assume the failed bankâs insured deposits, the FDIC said. The cost to the deposit insurance fund, supported by fees on insured banks, will be an estimated $227 million, the agency said. First Centennial had about $12.8 million in deposits that exceeded insured limits, the FDIC said. Market Value Plummets First Centennial Bancorp, the parent of the failed bank, lost 99 percent of its market value in the past year. The FDIC, the Treasury Department and Federal Reserve have stepped up efforts to aid U.S. institutions that reported more than $500 billion in writedowns and credit losses, and raised more than $400 billion in capital last year. The U.S. on Jan. 16 gave Bank of America Corp., the largest bank by assets, $20 billion cash and $118 billion in asset guarantees to help absorb losses after the acquisition of Merrill Lynch & Co. Citigroup Inc. got $20 billion and $301 billion in guarantees in November. More than 2.3 million U.S. properties got a default or auction notice, or were seized by lenders, RealtyTrac Inc., the California-based seller of default data, said Jan. 15. Thatâs the highest total in the four years of RealtyTrac recordkeeping. Filings rose 41 percent in December from a year earlier. President Barack Obama is pressing Congress to agree on a second stimulus plan to boost the economy. Lawmakers are considering an $825 billion package, and a bank rescue is likely to be included to stem foreclosures, provide capital and deal with toxic assets weighing down lendersâ balance sheets. Preventing Failures The FDIC and the Office of the Comptroller of the Currency have taken steps to prevent failures, including allowing private- equity firms and other bidders to buy assets and deposits of lenders running out of cash. IndyMac Bank, the fourth-largest U.S. lender to fail last year, on Jan. 2 became the first institution sold to a private-equity investor for $1.3 billion. The sale was led by Steven Mnuchin of Dune Capital Management LP. The FDIC last month approved a budget for the coming year that almost doubles spending to $2.2 billion from 2008 to hire staff for handling bank closures. As much as $1 billion was allotted to manage failed banks. The FDIC oversees 8,384 institutions with $13.6 trillion in assets and insures deposits of as much as $250,000 per depositor per bank. The agency last month doubled premiums charged to banks for coverage to replenish its reserves amid agency forecasts that bank failures through 2013 will cost almost $40 billion. The FDIC classified 171 banks as âproblemâ in the third quarter, a 46 percent jump from the second quarter, and said industry earnings fell 94 percent to $1.73 billion from the previous year. The agency doesnât identify problem banks by name. The largest institution to fail in U.S. history, Washington Mutual, was sold to JPMorgan Chase & Co. Sept. 25 after customers drained $16.7 billion in deposits in less than two weeks. Wachovia Corp. was near failure before being bought by Wells Fargo & Co. for $12.7 billion.
Tack on 3 more...#'s 4, 5 & 6 off to a flaying start for 2009 ------------ Press Releases FDIC Approves the Payout of the Insured Deposits of MagnetBank, Salt Lake City, Utah FOR IMMEDIATE RELEASE January 30, 2009 Media Contact: David Barr (202) 898-6992 Cell: (703) 622-4790 e-mail: dbarr@fdic.gov The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of MagnetBank, Salt Lake City, Utah. The bank was closed today by the Utah Department of Financial Institutions and the FDIC was named receiver. After an extensive marketing process, the FDIC was unable to find another financial institution to take over the banking operations of MagnetBank. As a result, checks to the retail depositors for their insured funds will be mailed on Monday morning. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds. MagnetBank, as of December 2, 2008, had total assets of $292.9 million and total deposits of $282.8 million. It is estimated that the bank did not have any uninsured funds. Customers who have questions about today's transaction can call the FDIC toll free at 1-800-822-0412. The phone number will be operational this evening until 9:00 p.m. Mountain Standard Time (MST); on Saturday from 9:00 a.m. to 6:00 p.m. MST; and on Sunday from noon to 6:00 p.m. MST; and thereafter from 8:00 a.m. to 8:00 p.m. MST. Interested parties can also visit the FDIC's Web site at www.fdic.gov/bank/individual/failed/magnet.html. MagnetBank is the fourth FDIC-insured institution to fail this year and the first in Utah since Bank of Ephraim, was closed on June 25, 2004. Bank of Essex, Tappahannock, Virginia, Acquires All the Deposits of Suburban Federal Savings Bank, Crofton, Maryland FOR IMMEDIATE RELEASE January 30, 2009 Media Contact: David Barr (202) 898-6992 Cell: (703) 622-4790 e-mail: dbarr@fdic.gov Suburban Federal Savings Bank, Crofton, Maryland, was closed today by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Essex, Tappahannock, Virginia, to assume all of the deposits of Suburban Federal. The failed bank's seven offices will reopen on Saturday as branches of Bank of Essex. Depositors of Suburban Federal will automatically become depositors of Bank of Essex. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Bank of Essex can fully integrate the deposit records of Suburban Federal. Over the weekend, depositors of Suburban Federal can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of September 30, 2008, Suburban Federal had total assets of approximately $360 million and total deposits of $302 million. In addition to assuming all of the failed bank's deposits, Bank of Essex agreed to purchase approximately $348 million in assets at a discount of $45 million. The FDIC will retain the remaining assets for later disposition. The FDIC and Bank of Essex entered into a loss-share transaction. Bank of Essex will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is expected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers as they will maintain a banking relationship. Customers who have questions about today's transaction can call the FDIC toll free at 1-800-822-7182. The phone number will be operational this evening until 9 p.m. EST; on Saturday from 9 a.m. to 6 p.m. EST; and on Sunday from noon to 6 p.m. EST; and thereafter from 8 a.m. to 8 p.m., EST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/suburban.html. The FDIC estimates that the cost to the Deposit Insurance Fund will be $126 million. Bank of Essex's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Suburban Federal is the fifth bank to fail in the nation this year. The last bank to be closed in Maryland was Second National Federal Savings Bank, Salisbury, on December 4, 1992. CenterState Bank Acquires All the Deposits of Ocala National Bank, Ocala, Florida FOR IMMEDIATE RELEASE January 30, 2009 Media Contact: LaJuan Williams-Dickerson Office â 202-898-3876 Lwilliams-dickerson@fdic.gov Ocala National Bank, Ocala, Florida, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, Winter Haven, Florida, to assume all of the deposits of the Ocala National Bank. The four locations of Ocala National will reopen on Monday, February 2, 2009, as branches of CenterState. Depositors of the failed bank will automatically become depositors of CenterState Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Over the weekend, customers of Ocala National can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of December 31, 2008, Ocala National Bank had total assets of $223.5 million and total deposits of $205.2 million. In addition to assuming all of the failed bank's deposits for a premium of 1.7 percent, CenterState agreed to purchase approximately $23.5 million in assets. The FDIC will retain the remaining assets for later disposition. Ocala National also had approximately $17.2 million in brokered deposits that are not part of today's transaction. The FDIC will pay the brokers directly for the amount of their insured funds. Customers who have placed money with these brokers should contact them directly for more information. Customers who have questions about today's transaction can call the FDIC toll free at 1-800-930-5170. This phone number will be operational this evening until 9:00 p.m. EST; on Saturday from 9:00 a.m. to 6:00 p.m. EST; and on Sunday from noon to 6:00 p.m. EST; and thereafter from 8:00 a.m. to 8:00 p.m. EST. Customers who would like more information on today's transaction should visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/ocala.html. The transaction is the least costly resolution option, and the FDIC estimates the cost to its Deposit Insurance Fund will be $99.6 million. Ocala National is the sixth FDIC-insured institution to be closed this year. Ocala National Bank is the first bank to fail in Florida since Freedom Bank, Bradenton, on October 31, 2008.
Another Friday comes and goes, 3 more bite the dust to make 9 so far. Anyone want to set the over/under? FOR IMMEDIATE RELEASE February 6, 2009 Media Contact: LaJuan Williams-Dickerson Office: 202-898-3876 E-mail: lwilliams-dickerson@fdic.gov FirstBank Financial Services, McDonough, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Regions Bank, Birmingham, Alabama, to assume all of the deposits of FirstBank Financial Services. FirstBank's four offices will reopen on Monday as branches of Regions Bank. Depositors of FirstBank will automatically become depositors of Regions. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Regions can fully integrate the deposit records of FirstBank. Over the weekend, depositors of FirstBank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of December 31, 2008, FirstBank had total assets of approximately $337 million and total deposits of $279 million. In addition to assuming all of the failed bank's deposits, including those from brokers, Regions agreed to purchase approximately $17 million in assets. The FDIC will retain the remaining assets for later disposition. Customers who have questions about today's transaction can call the FDIC toll free at 1-800-823-3215. The phone number will be operational this evening until 9:00 p.m., EST; on Saturday from 9:00 a.m. to 6:00 p.m., EST; Sunday from Noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/firstbank.html. The FDIC estimates that the cost to the Deposit Insurance Fund will be $111 million. Regions Bank's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. FirstBank is the seventh bank to fail in the nation this year. The last bank to fail in Georgia was Haven Trust Bank, Duluth, on December 12, 2008. --------------------------- FOR IMMEDIATE RELEASE February 6, 2009 Media Contact: LaJuan Williams-Dickerson Office: 202-898-3876 E-mail: lwilliams-dickerson@fdic.gov Alliance Bank, Culver City, California, was closed today by the California Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with California Bank & Trust, San Diego, California, to assume all of the deposits of Alliance Bank. Alliance Bank's five offices will reopen on Monday as branches of California Bank & Trust. Depositors of Alliance Bank will automatically become depositors of California Bank & Trust. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until California Bank & Trust can fully integrate the deposit records of Alliance Bank. Over the weekend, depositors of Alliance Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of December 31, 2008, Alliance Bank had total assets of approximately $1.14 billion and total deposits of $951 million. In addition to assuming all of the deposits of the failed bank, including those from brokers, California Bank & Trust agreed to purchase approximately $1.12 billion in assets at a discount of $9.9 million. The FDIC will retain the remaining assets for later disposition. The FDIC and California Bank & Trust entered into a loss-share transaction. California Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers as they will maintain a banking relationship. Customers who have questions about today's transaction can call the FDIC toll free at 1-800-523-8275. The phone number will be operational this evening until 9:00 p.m., PST; on Saturday from 9:00 a.m. to 6:00 p.m., PST; Sunday from Noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/alliance.html. The FDIC estimates that the cost to the Deposit Insurance Fund will be $206.0 million. California Bank & Trust's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Alliance Bank is the eighth to fail in the nation this year, and the second in California. The last bank to fail in the state was 1st Centennial Bank, Redlands, on January 23. ------------------------------ FOR IMMEDIATE RELEASE February 6, 2009 Media Contact: David Barr (202) 898-6992 Cell: (703) 622-4790 E-mail: dbarr@fdic.gov En Español County Bank, Merced, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Westamerica Bank, San Rafael, California, to assume all of the deposits of County Bank. County Bank's 39 offices will reopen as branches of Westamerica Bank. County Bank branches that had Saturday hours will reopen tomorrow. County Bank's remaining branches will reopen on Monday. Depositors of County Bank will automatically become depositors of Westamerica Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Westamerica Bank can fully integrate the deposit records of County Bank. Over the weekend, depositors of County Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of February 2, 2009, County Bank had total assets of approximately $1.7 billion and total deposits of $1.3 billion. In addition to assuming all of the failed bank's deposits, including those from brokers, Westamerica Bank agreed to purchase all of County Bank's assets. The FDIC and Westamerica Bank entered into a loss-share transaction. Westamerica Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers as they will maintain a banking relationship. Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-591-2820. The phone number will be operational this evening until 9:00 p.m., PST; on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/county.html. The FDIC estimates that the cost to the Deposit Insurance Fund will be $135 million. Westamerica Bank's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. County Bank is the ninth bank to fail in the nation this year, and the third in California.
Friday the 13th came true for 4 more institutions...10, 11, 12, 13 -- Press Releases Heritage Bank, Wood River, Nebraska, Assumes All the Deposits of Sherman County Bank, Loup City, Nebraska FOR IMMEDIATE RELEASE February 13, 2009 Media Contact: David Barr (202) 898-6992 Cell: (703) 622-4790 E-mail: dbarr@fdic.gov Sherman County Bank, Loup City, Nebraska, was closed today by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank, Wood River, Nebraska, to assume all of the deposits of Sherman County Bank. Due to the observance of Presidents' Day on Monday, Sherman County Bank's four offices, including those that operated under the name Howard County Bank, will reopen on Tuesday as branches of Heritage Bank. Depositors of Sherman County Bank will automatically become depositors of Heritage Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Heritage Bank can fully integrate the deposit records of Sherman County Bank. Over the weekend, depositors of Sherman County Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of February 12, 2009, Sherman County Bank had total assets of approximately $129.8 million and total deposits of $85.1 million. Heritage Bank will pay the FDIC a premium of six percent. In addition to assuming all of the deposits of Sherman County Bank, Heritage Bank agreed to purchase approximately $21.8 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition. Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-823-5346. The phone number will be operational this evening until 9 p.m., CST; on Saturday from 9 a.m. to 6 p.m., CST; on Sunday from noon to 6 p.m., CST; and thereafter from 8 a.m. to 8 p.m., CST. Customers who would like more information about today's transaction can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/sherman.html. The FDIC estimates that the cost to the Deposit Insurance Fund will be $28.0 million. Heritage Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Sherman County Bank is the tenth bank to fail in the nation this year. The last institution to fail in Nebraska was Equitable Savings and Loan, Columbus, on February 16, 1990. --- TIB Bank, Naples, Florida, Assumes All of the Deposits of Riverside Bank of the Gulf Coast, Cape Coral, Florida FOR IMMEDIATE RELEASE February 13, 2009 Media Contact: David Barr (202) 898-6992 Cell: (703) 622-4790 E-mail: dbarr@fdic.gov Riverside Bank of the Gulf Coast, Cape Coral, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with TIB Bank, Naples, Florida, to assume all of the deposits of Riverside Bank. Due to the observance of Presidents' Day on Monday, Riverside's nine offices will reopen on Tuesday as branches of TIB Bank. Depositors of Riverside Bank will automatically become depositors of TIB Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until TIB Bank can fully integrate the deposit records of Riverside Bank. Over the weekend, depositors of Riverside Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of December 31, 2008, Riverside Bank had total assets of approximately $539 million and total deposits of $424 million. TIB Bank agreed to pay the FDIC a premium of 1.3 percent. TIB Bank will not assume $142.6 million in brokered deposits held by Riverside Bank. The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits. Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-823-5028. This phone number will be operational this evening until 9:00 p.m., EST; on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Customers who would like more information about today's transaction can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/riverside.html. In addition to assuming all of the deposits of Riverside Bank, TIB Bank agreed to purchase approximately $125 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund will be $201.5 million. TIB Bank's acquisition of all of the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Riverside Bank is the eleventh bank to fail in the nation this year. The last bank to fail in Florida was Ocala National Bank on January 30, 2009. Riverside Bank of the Gulf Coast is not affiliated with either Riverside National Bank of Florida, Fort Pierce, or with Riverside Bank of Central Florida, Winter Park. ----
The Carlinville National Bank, Carlinville, Illinois, Assumes All of the Deposits of Corn Belt Bank and Trust Company, Pittsfield, Illinois FOR IMMEDIATE RELEASE February 13, 2009 Media Contact: David Barr (202) 898-6992 Cell: (703) 622-4790 Email:dbarr@fdic.gov Corn Belt Bank and Trust Company, Pittsfield, Illinois, was closed today by the Division of Banking, Illinois Department of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Carlinville National Bank, Carlinville, Illinois, to assume all of the deposits of Corn Belt Bank and Trust Company. Due to the observance of Presidents' Day on Monday, Corn Belt Bank and Trust Company's two offices will reopen on Tuesday as branches of The Carlinville National Bank. Depositors of Corn Belt Bank and Trust Company will automatically become depositors of The Carlinville National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until The Carlinville National Bank can fully integrate the deposit records of Corn Belt Bank and Trust Company. Over the weekend, depositors of Corn Belt Bank and Trust Company can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of December 31, 2008, Corn Belt Bank and Trust Company had total assets of approximately $271.8 million and total deposits of $234.4 million. The Carlinville National Bank will pay the FDIC a premium of 1.75 percent. The Carlinville National Bank will not assume $92 million in brokered deposits held by Corn Belt Bank and Trust Company. The FDIC will pay the brokers directly for the amount of their insured funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits. Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-331-6306. The phone number will be operational this evening until 9:00 p.m., CST; on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Customers who would like more information about today's transaction can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/cornbelt.html. In addition to assuming all of the deposits of Corn Belt Bank and Trust Company, The Carlinville National Bank agreed to purchase approximately $60.7 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund will be $100 million. The Carlinville National Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Corn Belt Bank and Trust Company is the twelfth bank to fail in the nation this year. The last bank to fail in Illinois was National Bank of Commerce, Berkeley, on January 16, 2009. ------ Washington Trust Bank, Spokane, Washington, Acquires All of the Deposits of Pinnacle Bank, Beaverton, Oregon FOR IMMEDIATE RELEASE February 13, 2009 Media Contact: David Barr (202) 898-6992 Cell: (703) 622-4790 E-mail: dbarr@fdic.gov Pinnacle Bank, Beaverton, Oregon, was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Washington Trust Bank, Spokane, Washington, to assume all of the deposits of Pinnacle Bank. Due to the observance of Presidents' Day on Monday, Pinnacle Bank's sole office will reopen as a branch of Washington Trust Bank on Tuesday. Depositors of Pinnacle Bank will automatically become depositors of Washington Trust Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Washington Trust Bank can fully integrate the deposit records of Pinnacle Bank. Over the weekend, depositors of Pinnacle Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of December 31, 2008, Pinnacle Bank had total assets of approximately $73 million and total deposits of $64 million. In addition to assuming all of the deposits of the failed bank, including those from brokers, Washington Trust Bank agreed to purchase approximately $72 million in assets at a discount of $7.6 million. The FDIC will retain the remaining assets for later disposition. The FDIC and Washington Trust Bank entered into a loss-share transaction. Washington Trust Bank will share in the losses on approximately $66 million in assets covered under the agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers as they will maintain a banking relationship. Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-930-1848. The phone number will be operational this evening until 9:00 p.m., PST; on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/pinnacle.html. The FDIC estimates that the cost to the Deposit Insurance Fund will be $12.1 million. Washington Trust Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Pinnacle Bank is the thirteenth FDIC-insured institution to fail in the nation this year, and the first in Oregon since Far West, Federal Savings Bank, Portland, was closed on May 23, 1991.
Thank you West Coast... Just a blip on the radar this week....#14 Citizens Bank, Corvallis, Oregon, Assumes All of the Deposits of Silver Falls Bank, Silverton, Oregon FOR IMMEDIATE RELEASE February 20, 2009 Media Contact: LaJuan Williams-Dickerson (202) 898-3876 Email: lwilliams-dickerson@fdic.gov Silver Falls Bank, Silverton, Oregon, was closed today by the Oregon Department of Consumer and Business Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Citizens Bank, Corvallis, Oregon, to assume all of the deposits of Silver Falls Bank. The three branches of Silver Falls Bank will reopen on Monday as branches of Citizens Bank. Depositors of Silver Falls Bank will automatically become depositors of Citizens Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Citizens Bank can fully integrate the deposit records of Silver Falls Bank. Over the weekend, depositors of Silver Falls Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of February 9, 2009, Silver Falls Bank had total assets of approximately $131.4 million and total deposits of $116.3 million. Citizens Bank did not pay a premium to acquire the deposits of Silver Falls Bank. Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-760-3639. The phone number will be operational this evening until 9:00 p.m., PST; on Saturday from 9:00 p.m. to 6:00 p.m., PST; on Sunday from Noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Customers who would like more information about today's transaction can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/silverfalls.html. In addition to acquiring all of the failed banks deposits, including those from brokers, Citizens Bank agreed to purchase approximately $13 million in assets comprised of cash, cash equivalents, securities, overdraft loans, and deposit secured loans. The FDIC will retain any remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund will be $50 million. The Citizens Bank acquisition of all the deposits of Silver Falls Bank was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Silver Falls Bank is the fourteenth bank to fail in the nation this year. The last bank to fail in Oregon was Pinnacle Bank, Beaverton, on February 13, 2009.