~ FDIC Friday - July 27, 2012 ~
Posted: Fri Jul 27, 2012 8:41 pmStearns Bank National Association St. Cloud, Minnesota, Assumes All of the Deposits of Jasper Banking Company, Jasper, Georgia
As of March 31, 2012, Jasper Banking Company had approximately $216.7 million in total assets and $213.1 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 $106.0 million of Jasper Banking Company'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 $58.1 million. Compared to other alternatives, Stearns Bank National Association's acquisition was the least costly resolution for the FDIC's DIF. Jasper Banking Company is the 39th FDIC-insured institution to fail in the nation this year, and the ninth in Georgia. The last FDIC-insured institution closed in the state was First Cherokee State Bank, Woodstock, on July 20, 2012.
As of March 31, 2012, Jasper Banking Company had approximately $216.7 million in total assets and $213.1 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 $106.0 million of Jasper Banking Company'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 $58.1 million. Compared to other alternatives, Stearns Bank National Association's acquisition was the least costly resolution for the FDIC's DIF. Jasper Banking Company is the 39th FDIC-insured institution to fail in the nation this year, and the ninth in Georgia. The last FDIC-insured institution closed in the state was First Cherokee State Bank, Woodstock, on July 20, 2012.