FDIC Friday - March 23, 2012
Posted: Sun Mar 25, 2012 8:36 amStearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of Covenant Bank & Trust, Rock Spring, Georgia
As of December 31, 2011, Covenant Bank & Trust had approximately $95.7 million in total assets and $90.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank, National Association agreed to purchase essentially all of the assets.
The FDIC and Stearns Bank, National Association entered into a loss-share transaction on $71.6 million of Covenant Bank & Trust's assets. Stearns 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 $31.5 million. Compared to other alternatives, Stearns Bank, National Association's acquisition was the least costly resolution for the FDIC's DIF. Covenant Bank & Trust is the fourteenth FDIC-insured institution to fail in the nation this year, and the fourth in Georgia. The last FDIC-insured institution closed in the state was Global Commerce Bank, Doraville, on March 2, 2012.
International Bank of Chicago, Chicago, Illinois, Assumes All of the Deposits of Premier Bank, Wilmette, Illinois
As of December 31, 2011, Premier Bank had approximately $268.7 million in total assets and $199.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, International Bank of Chicago agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.1 million. Compared to other alternatives, International Bank of Chicago's acquisition was the least costly resolution for the FDIC's DIF. Premier Bank is the fifteenth FDIC-insured institution to fail in the nation this year, and the third in Illinois. The last FDIC-insured institution closed in the state was New City Bank, Chicago, on March 9, 2012.
As of December 31, 2011, Covenant Bank & Trust had approximately $95.7 million in total assets and $90.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank, National Association agreed to purchase essentially all of the assets.
The FDIC and Stearns Bank, National Association entered into a loss-share transaction on $71.6 million of Covenant Bank & Trust's assets. Stearns 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 $31.5 million. Compared to other alternatives, Stearns Bank, National Association's acquisition was the least costly resolution for the FDIC's DIF. Covenant Bank & Trust is the fourteenth FDIC-insured institution to fail in the nation this year, and the fourth in Georgia. The last FDIC-insured institution closed in the state was Global Commerce Bank, Doraville, on March 2, 2012.
International Bank of Chicago, Chicago, Illinois, Assumes All of the Deposits of Premier Bank, Wilmette, Illinois
As of December 31, 2011, Premier Bank had approximately $268.7 million in total assets and $199.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, International Bank of Chicago agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.1 million. Compared to other alternatives, International Bank of Chicago's acquisition was the least costly resolution for the FDIC's DIF. Premier Bank is the fifteenth FDIC-insured institution to fail in the nation this year, and the third in Illinois. The last FDIC-insured institution closed in the state was New City Bank, Chicago, on March 9, 2012.