FDIC Friday ~ Sept 28, 2012

[Copper Catcher]

Old Plank Trail Community Bank, National Association, New Lenox, Illinois, Assumes All of the Deposits of First United Bank, Crete, Illinois

As of June 30, 2012, First United Bank had approximately $328.4 million in total assets and $316.9 million in total deposits. Old Plank Trail Community Bank, N.A. will pay the FDIC a premium of 0.60 percent to assume all of the deposits of First United Bank. In addition to assuming all of the deposits, Old Plank Trail Community Bank, N.A. agreed to purchase essentially all of the failed bank's assets.

The FDIC and Old Plank Trail Community Bank, N.A. entered into a loss-share transaction on $172.7 million of First United Bank's assets. Old Plank Trail Community Bank, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers.

For more information on loss share, please visit: http://www.fdic.gov/bank/individual/fai ... index.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $48.6 million. Compared to other alternatives, Old Plank Trail Community Bank, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. First United Bank is the 43rd FDIC-insured institution to fail in the nation this year, and the seventh in Illinois. The last FDIC-insured institution closed in the state was Waukegan Savings Bank, Waukegan, on August 3, 2012.

[henrysmedford]

Glad you posted it . I start to worry if you miss a FDIC Friday .