FDIC Friday!! 11-19-10 Another three..Poof!
Posted: Fri Nov 19, 2010 9:08 pmGulf State Community Bank Carrabelle FL
As of September 30, 2010, Gulf State Community Bank had approximately $112.1 million in total assets and $112.2 million in total deposits. Centennial Bank did not pay the FDIC a premium to assume all of the deposits of Gulf State Community Bank. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase essentially all of the assets.
The FDIC and Centennial Bank entered into a loss-share transaction on $84.4 million of Gulf State Community Bank's assets. Centennial 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.
Gulf State Community Bank is the 147th FDIC-insured institution to fail in the nation this year, and the 28th in Florida. The last FDIC-insured institution closed in the state was Progress Bank of Florida, Tampa, on October 22, 2010.
Allegiance Bank of North America Bala Cynwyd PA
As of September 30, 2010, Allegiance Bank of North America had approximately $106.6 million in total assets and $92.0 million in total deposits. VIST Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Allegiance Bank of North America. In addition to assuming all of the deposits of the Allegiance Bank of North America, VIST Bank agreed to purchase essentially all of the assets.
The FDIC and VIST Bank entered into a loss-share transaction on $86.2 million of Allegiance Bank of North America's assets. VIST Bank will share in the losses on the asset pools covered under the loss-share agreement.
Allegiance bank of North America is the 148th FDIC-insured institution to fail in the nation this year, and the first in Pennsylvania. The last FDIC-insured institution closed in the state was Dwelling House Savings and Loan Association, Pittsburgh, on August 14, 2009.
First Banking Center Burlington WI
As of September 30, 2010, First Banking Center had approximately $750.7 million in total assets and $664.8 million in total deposits. First Michigan Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Banking Center. In addition to assuming all of the deposits of the failed bank, First Michigan Bank agreed to purchase essentially all of the failed bank's assets.
The FDIC and First Michigan Bank entered into a loss-share transaction on $515.6 million of First Banking Center's assets. First Michigan Bank will share in the losses on the asset pools covered under the loss-share agreement.
First Banking Center is the 149th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin. The last FDIC-insured institution closed in the state was Maritime Savings Bank, West Allis, on September 17, 2010.
As of September 30, 2010, Gulf State Community Bank had approximately $112.1 million in total assets and $112.2 million in total deposits. Centennial Bank did not pay the FDIC a premium to assume all of the deposits of Gulf State Community Bank. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase essentially all of the assets.
The FDIC and Centennial Bank entered into a loss-share transaction on $84.4 million of Gulf State Community Bank's assets. Centennial 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.
Gulf State Community Bank is the 147th FDIC-insured institution to fail in the nation this year, and the 28th in Florida. The last FDIC-insured institution closed in the state was Progress Bank of Florida, Tampa, on October 22, 2010.
Allegiance Bank of North America Bala Cynwyd PA
As of September 30, 2010, Allegiance Bank of North America had approximately $106.6 million in total assets and $92.0 million in total deposits. VIST Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Allegiance Bank of North America. In addition to assuming all of the deposits of the Allegiance Bank of North America, VIST Bank agreed to purchase essentially all of the assets.
The FDIC and VIST Bank entered into a loss-share transaction on $86.2 million of Allegiance Bank of North America's assets. VIST Bank will share in the losses on the asset pools covered under the loss-share agreement.
Allegiance bank of North America is the 148th FDIC-insured institution to fail in the nation this year, and the first in Pennsylvania. The last FDIC-insured institution closed in the state was Dwelling House Savings and Loan Association, Pittsburgh, on August 14, 2009.
First Banking Center Burlington WI
As of September 30, 2010, First Banking Center had approximately $750.7 million in total assets and $664.8 million in total deposits. First Michigan Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Banking Center. In addition to assuming all of the deposits of the failed bank, First Michigan Bank agreed to purchase essentially all of the failed bank's assets.
The FDIC and First Michigan Bank entered into a loss-share transaction on $515.6 million of First Banking Center's assets. First Michigan Bank will share in the losses on the asset pools covered under the loss-share agreement.
First Banking Center is the 149th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin. The last FDIC-insured institution closed in the state was Maritime Savings Bank, West Allis, on September 17, 2010.
