FDIC Friday September 24, 2010 - Add two more to the list!

[Copper Catcher]

North County Bank Arlington WA 35053

As of June 30, 2010, North County Bank had approximately $288.8 million in total assets and $276.1 million in total deposits. Whidbey Island Bank will pay the FDIC a premium of 2.0 percent to assume all of the deposits of North County Bank. In addition to assuming all of the deposits of the failed bank, Whidbey Island Bank agreed to purchase essentially all of the assets.

The FDIC and Whidbey Island Bank entered into a loss-share transaction on $221.9 million of North County Bank's assets. Whidbey Island Bank 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

Haven Trust Bank Florida Ponte Vedra Beach FL 58308

As of June 30, 2010, Haven Trust Bank Florida had approximately $148.6 million in total assets and $133.6 million in total deposits. First Southern Bank did not pay the FDIC a premium for the deposits of Haven Trust Bank Florida. In addition to assuming all of the deposits of the failed bank, First Southern Bank agreed to purchase essentially all of the assets.

The FDIC and First Southern Bank entered into a loss-share transaction on $127.3 million of Haven Trust Bank Florida's assets. First Southern Bank 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

[JadeDragon]

I hear Whidbey Island adverting how stable and highly rated they are on the radio all the time. It must be a nice little acquisition for them for them to pay a premium for the asset like that. The mortgage crisis is not very bad in NW Washington so maybe there were not a lot of toxic loans in this deal.

A bit of a low week at FDIC it seems with only two closures.

[Copper Catcher]

Ref: A bit of a low week at FDIC it seems with only two closures.

The eye of the hurricanne always feels like that