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US regulators close another 3 small banks
Source: Agencies |
June 22, 2009, Monday
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UNITED States regulators closed three small banks last Friday, bringing the number of bank failures to 40 so far this year as the recession and delinquent loans erode the health of financial institutions.
The largest of the banks closed last Friday was Cooperative Bank of Wilmington in North Carolina, with US$970 million in assets and US$774 million in deposits, the Federal Deposit Insurance Corp said.
The failure is expected to cost the FDIC deposit insurance fund an estimated US$217 million.
North Carolina's First Bank of Troy will purchase all the deposits, except about US$57 million in brokered deposits. The FDIC said it will pay the brokers directly.
Cooperative Bank's 24 branches will reopen today as branches of First Bank.
The FDIC also announced the failure of Southern Community Bank of Fayetteville in Georgia, which had US$377 million in assets and US$307 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated US$114 million.
United Community Bank of Blairsville in Georgia agreed to assume the insured deposits of Southern Community Bank, whose five outlets will reopen today as branches of United Community Bank.
In Kansas, the FDIC said regulators closed First National Bank of Anthony, with US$156.9 million in assets and US$142.5 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated US$32.2 million.
Bank of Kansas in South Hutchinson, Kansas, agreed to assume the insured deposits of First National Bank of Anthony, whose six branches will reopen today as branches of Bank of Kansas.
The pace of bank failures has accelerated in 2009 as the 18-month-old recession continues. There were 25 failures in all of 2008 and just three in 2007.
Seattle-based Washington Mutual became the biggest bank to fail in US history when it was seized in September with US$307 billion in assets. JPMorgan Chase & Co acquired the assets of WaMu.
The FDIC insures up to US$250,000 per account at member banks.
The agency also has a running tally of problem banks that its examiners closely monitor.
The largest of the banks closed last Friday was Cooperative Bank of Wilmington in North Carolina, with US$970 million in assets and US$774 million in deposits, the Federal Deposit Insurance Corp said.
The failure is expected to cost the FDIC deposit insurance fund an estimated US$217 million.
North Carolina's First Bank of Troy will purchase all the deposits, except about US$57 million in brokered deposits. The FDIC said it will pay the brokers directly.
Cooperative Bank's 24 branches will reopen today as branches of First Bank.
The FDIC also announced the failure of Southern Community Bank of Fayetteville in Georgia, which had US$377 million in assets and US$307 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated US$114 million.
United Community Bank of Blairsville in Georgia agreed to assume the insured deposits of Southern Community Bank, whose five outlets will reopen today as branches of United Community Bank.
In Kansas, the FDIC said regulators closed First National Bank of Anthony, with US$156.9 million in assets and US$142.5 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated US$32.2 million.
Bank of Kansas in South Hutchinson, Kansas, agreed to assume the insured deposits of First National Bank of Anthony, whose six branches will reopen today as branches of Bank of Kansas.
The pace of bank failures has accelerated in 2009 as the 18-month-old recession continues. There were 25 failures in all of 2008 and just three in 2007.
Seattle-based Washington Mutual became the biggest bank to fail in US history when it was seized in September with US$307 billion in assets. JPMorgan Chase & Co acquired the assets of WaMu.
The FDIC insures up to US$250,000 per account at member banks.
The agency also has a running tally of problem banks that its examiners closely monitor.
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