FDIC Friday - Dec 16, 2011
Posted: Sat Dec 17, 2011 9:13 amSummit Bank, National Association, Panama City, Florida, Assumes All of the Deposits of Premier Community Bank of the Emerald Coast, Crestview, Florida
As of September 30, 2011, Premier Community Bank of the Emerald Coast had approximately $126.0 million in total assets and $112.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Summit Bank, National Association agreed to purchase essentially all of the assets.
The FDIC and Summit Bank, National Association entered into a loss-share transaction on $98.0 million of Premier Community Bank of the Emerald Coast's assets. Summit Bank, National Association 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 $31.2 million. Compared to other alternatives, Summit Bank, National Association's acquisition was the least costly resolution for the FDIC's DIF. Premier Community Bank of the Emerald Coast is the 91st FDIC-insured institution to fail in the nation this year, and the thirteenth in Florida. The last FDIC-insured institution closed in the state was Old Harbor Bank, Clearwater, on October 21, 2011.
Washington Federal, Seattle, Washington, Assumes All of the Deposits of Western National Bank, Phoenix, Arizona
As of September 30, 2011, Western National Bank had approximately $162.9 million in total assets and $144.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Washington Federal agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.6 million. Compared to other alternatives, Washington Federal's acquisition was the least costly resolution for the FDIC's DIF. Western National Bank is the 92nd FDIC-insured institution to fail in the nation this year, and the third in Arizona. The last FDIC-insured institution closed in the state was Summit Bank, Prescott, on July 15, 2011.
As of September 30, 2011, Premier Community Bank of the Emerald Coast had approximately $126.0 million in total assets and $112.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Summit Bank, National Association agreed to purchase essentially all of the assets.
The FDIC and Summit Bank, National Association entered into a loss-share transaction on $98.0 million of Premier Community Bank of the Emerald Coast's assets. Summit Bank, National Association 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 $31.2 million. Compared to other alternatives, Summit Bank, National Association's acquisition was the least costly resolution for the FDIC's DIF. Premier Community Bank of the Emerald Coast is the 91st FDIC-insured institution to fail in the nation this year, and the thirteenth in Florida. The last FDIC-insured institution closed in the state was Old Harbor Bank, Clearwater, on October 21, 2011.
Washington Federal, Seattle, Washington, Assumes All of the Deposits of Western National Bank, Phoenix, Arizona
As of September 30, 2011, Western National Bank had approximately $162.9 million in total assets and $144.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Washington Federal agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.6 million. Compared to other alternatives, Washington Federal's acquisition was the least costly resolution for the FDIC's DIF. Western National Bank is the 92nd FDIC-insured institution to fail in the nation this year, and the third in Arizona. The last FDIC-insured institution closed in the state was Summit Bank, Prescott, on July 15, 2011.