FDIC Friday - January 28, 2011

[Copper Catcher]

The First State Bank Camargo, OK

As of September 30, 2010, The First State Bank had approximately $43.5 million in total assets and $40.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Bank 7 agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.1 million. Compared to other alternatives, Bank 7's acquisition was the least costly resolution for the FDIC's DIF. The First State Bank is the eighth FDIC-insured institution to fail in the nation this year, and the first in Oklahoma. The last FDIC-insured institution closed in the state was Home National Bank, Blackwell, on July 9, 2010.


Evergreen State Bank, Stoughton, WI

As of September 30, 2010, Evergreen State Bank had approximately $246.5 million in total assets and $195.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, McFarland State Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. Compared to other alternatives, McFarland State Bank's acquisition was the least costly resolution for the FDIC's DIF. Evergreen State Bank is the ninth FDIC-insured institution to fail in the nation this year, and the first in Wisconsin. The last FDIC-insured institution closed in the state was First Banking Center, Burlington, on November 19, 2010.