~FDIC Friday~ 03-11-11

[Copper Catcher]

The First National Bank of Davis, Davis, OK
As of December 31, 2010, The First National Bank of Davis had approximately $90.2 million in total assets and $68.3 million in total deposits. In addition to paying a premium of 7.5% to assume all of the deposits of the failed bank, The Pauls Valley National Bank agreed to purchase approximately $28.5 million of The First National Bank of Davis' assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $26.5 million. Compared to other alternatives, The Pauls Valley National Bank's acquisition was the least costly resolution for the FDIC's DIF. The First National Bank of Davis is the 24th FDIC-insured institution to fail in the nation this year, and the second in Oklahoma. The last FDIC-insured institution closed in the state was The First State Bank, Camargo, on January 28, 2011.

Legacy Bank, Milwaukee, WI
As of December 31, 2010, Legacy Bank had approximately $190.4 million in total assets and $183.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Seaway Bank and Trust Company agreed to purchase approximately $165.9 million of Legacy Bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $43.5 million. Compared to other alternatives, Seaway Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Legacy Bank is the 25th FDIC-insured institution to fail in the nation this year, and the third in Wisconsin. The last FDIC-insured institution closed in the state was Badger State Bank, Cassville, on February 11, 2011.