FDIC Friday- Nov 2, 2012
Posted: Sat Nov 03, 2012 8:31 amCentennial Bank, Conway, Arkansas, Assumes All of the Deposits of Heritage Bank of Florida, Lutz, Florida
As of September 30, 2012, Heritage Bank of Florida had approximately $225.5 million in total assets and $223.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase approximately $193.7 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $65.5 million. Compared to other alternatives, Centennial Bank's acquisition was the least costly resolution for the FDIC's DIF. Heritage Bank of Florida is the 48th FDIC-insured institution to fail in the nation this year, and the eighth in Florida. The last FDIC-insured institution closed in the state was First East Side Savings Bank, Tamarac, on October 19, 2012.
Heartland Bank and Trust Company, Bloomington, Illinois, Assumes All of the Deposits of Citizens First National Bank, Princeton, Illinois
As of September 30, 2012, Citizens First National Bank had approximately $924.0 million in total assets and $869.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust Company agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45.2 million. Compared to other alternatives, Heartland Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Citizens First National Bank is the 49th FDIC-insured institution to fail in the nation this year, and the eighth in Illinois. The last FDIC-insured institution closed in the state was First United Bank, Crete, on September 28, 2012.
As of September 30, 2012, Heritage Bank of Florida had approximately $225.5 million in total assets and $223.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase approximately $193.7 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $65.5 million. Compared to other alternatives, Centennial Bank's acquisition was the least costly resolution for the FDIC's DIF. Heritage Bank of Florida is the 48th FDIC-insured institution to fail in the nation this year, and the eighth in Florida. The last FDIC-insured institution closed in the state was First East Side Savings Bank, Tamarac, on October 19, 2012.
Heartland Bank and Trust Company, Bloomington, Illinois, Assumes All of the Deposits of Citizens First National Bank, Princeton, Illinois
As of September 30, 2012, Citizens First National Bank had approximately $924.0 million in total assets and $869.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust Company agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45.2 million. Compared to other alternatives, Heartland Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Citizens First National Bank is the 49th FDIC-insured institution to fail in the nation this year, and the eighth in Illinois. The last FDIC-insured institution closed in the state was First United Bank, Crete, on September 28, 2012.