FDIC Friday... Catching up a few weeks

[Copper Catcher]

In old news….

Sept 30th 2011
American First National Bank, Houston, Texas, Assumes All of the Deposits of First International Bank, Plano, Texas

As of June 30, 2011, First International Bank had approximately $239.9 million in total assets and $208.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, American First National Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $53.8 million. Compared to other alternatives, American First National Bank's acquisition was the least costly resolution for the FDIC's DIF. First International Bank is the 74th FDIC-insured institution to fail in the nation this year, and the first in Texas. The last FDIC-insured institution closed in the state was The LaCoste National Bank, LaCoste, on February 19, 2010.

Oct 7, 2011
Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of the RiverBank, Wyoming, Minnesota

As of June 30, 2011, The RiverBank had approximately $417.4 million in total assets and $379.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.

The FDIC and Central Bank entered into a loss-share transaction on $339.3 million of The RiverBank's assets. Central 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

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $71.4 million. Compared to other alternatives, Central Bank's acquisition was the least costly resolution for the FDIC's DIF. The RiverBank is the 75th FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution closed in the state was Rosemount National Bank, Rosemount, on April 15, 2011.

Great Southern Bank, Springfield, Missouri, Assumes All of the Deposits of Sun Security Bank, Ellington, Missouri

As of June 30, 2011, Sun Security Bank had approximately $355.9 million in total assets and $290.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Great Southern Bank agreed to purchase essentially all of the assets.

The FDIC and Great Southern Bank entered into a loss-share transaction on $351.9 million of Sun Security Bank's assets. Great 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

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $118.3 million. Compared to other alternatives, Great Southern Bank's acquisition was the least costly resolution for the FDIC's DIF. Sun Security Bank is the 76th FDIC-insured institution to fail in the nation this year, and the first in Missouri. The last FDIC-insured institution closed in the state was Premier Bank, Jefferson City, on October 15, 2010.