FDIC Friday!! 01-21-11 Four (4) Banks Fail

[Copper Catcher]

Enterprise Banking Company McDonough GA

As of September 30, 2010, Enterprise Banking Company had $100.9 million in total assets and $95.5 million in total deposits. At the time of closing, the amount of deposits exceeding the insurance limits was undetermined. Uninsured deposits were not transferred to the DINB. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.

Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-800-405-8251 to set up an appointment to discuss their deposits.

Beginning Monday, depositors of Enterprise Banking Company 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.

The FDIC as receiver will retain all the assets from Enterprise Banking Company for later disposition. Loan customers should continue to make their payments as usual.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.6 million. Enterprise Banking Company is the fourth FDIC-insured institution to fail in the nation this year, and the second in Georgia. The last FDIC-insured institution closed in the state was Oglethorpe Bank, Brunswick, on January 14, 2011.



CommunitySouth Bank & Trust Easley SC

As of September 30, 2010, CommunitySouth Bank and Trust had approximately $440.6 million in total assets and $402.4 million in total deposits. CertusBank, N.A. did not pay the FDIC a premium for the deposits of CommunitySouth Bank and Trust. In addition to assuming all of the deposits of the failed bank, CertusBank, N.A. agreed to purchase essentially all of the assets.

The FDIC and CertusBank, N.A. entered into a loss-share transaction on $211.3 million of CommunitySouth Bank and Trust's assets. CertusBank, 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 $46.3 million. Compared to other alternatives, CertusBank, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. CommunitySouth Bank and Trust is the fifth FDIC-insured institution to fail in the nation this year, and the first in South Carolina. The last FDIC-insured institution closed in the state was Williamsburg First National Bank, Kingstree, on July 23, 2010.


The Bank of Asheville Asheville, NC

As of September 30, 2010, The Bank of Asheville had approximately $195.1 million in total assets and $188.3 million in total deposits. First Bank did not pay the FDIC a premium for the deposits of The Bank of Asheville. In addition to assuming all of the deposits of the failed bank, First Bank agreed to purchase essentially all of the assets.

The FDIC and First Bank entered into a loss-share transaction on $166.3 million of The Bank of Asheville's assets. First Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $56.2 million. Compared to other alternatives, First Bank's acquisition was the least costly resolution for the FDIC's DIF. The Bank of Asheville is the sixth FDIC-insured institution to fail in the nation this year, and the first in North Carolina. The last FDIC-insured institution closed in the state was Cooperative Bank, Wilmington, on June 19, 2009.


United Western Bank Denver CO

As of September 30, 2010, United Western Bank had approximately $2.05 billion in total assets and $1.65 billion in total deposits. First-Citizens Bank & Trust Company did not pay the FDIC a premium for the deposits of United Western Bank. In addition to assuming all of the deposits of the failed bank, First-Citizens Bank & Trust Company agreed to purchase essentially all of the assets.
The FDIC and First-Citizens Bank & Trust Company entered into a loss-share transaction on $1.11 billion of United Western Bank's assets. First-Citizens Bank & Trust Company will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $312.8 million. Compared to other alternatives, First-Citizens Bank & Trust Company's acquisition was the least costly resolution for the FDIC's DIF. United Western Bank is the seventh FDIC-insured institution to fail in the nation this year, and the first in Colorado. The last FDIC-insured institution closed in the state was Southern Colorado National Bank, Pueblo, on October 2, 2009.

[henrysmedford]

Franklin my fourteen year old with autism who has a hard time talking get up each Friday and will say it's FDIC Friday. Also when I get home from work he wants to look at the fdic.gov website. The last west coast bank go under was around Thanksgiving.

[AGCoinHunter]

And the drum beat goes on in Georgia. Leading the nation with failed banks. Wonder who is going to get shut down today?