Back by popular demand... FDIC Friday! :-)
Posted: Fri Dec 10, 2010 7:28 pmParamount Bank Farmington Hills MI 34673
As of September 30, 2010, Paramount Bank had approximately $252.7 million in total assets and $213.6 million in total deposits. Level One Bank did not pay the FDIC a premium for the deposits of Paramount Bank. In addition to assuming all of the deposits of the failed bank, Level One Bank agreed to purchase essentially all of the assets.
The FDIC and Level One Bank entered into a loss-share transaction on $233.1 million of Paramount Bank's assets
Paramount Bank is the 150th FDIC-insured institution to fail in the nation this year, and the fifth in Michigan.
Earthstar Bank Southampton PA 35561
As of September 30, 2010, Earthstar Bank had approximately $112.6 million in total assets and $104.5 million in total deposits. Polonia Bank did not pay the FDIC a premium for the deposits of Earthstar Bank. In addition to assuming all of the deposits of the failed bank, Polonia Bank agreed to purchase approximately $77.1 million of the failed bank's assets. The FDIC will retain most of the assets for later disposition.
The FDIC and Polonia Bank entered into a loss-share transaction on $45.8 million of Earthstar Bank's assets.
Earthstar Bank is the 151st FDIC-insured institution to fail in the nation this year, and the second in Pennsylvania.
As of September 30, 2010, Paramount Bank had approximately $252.7 million in total assets and $213.6 million in total deposits. Level One Bank did not pay the FDIC a premium for the deposits of Paramount Bank. In addition to assuming all of the deposits of the failed bank, Level One Bank agreed to purchase essentially all of the assets.
The FDIC and Level One Bank entered into a loss-share transaction on $233.1 million of Paramount Bank's assets
Paramount Bank is the 150th FDIC-insured institution to fail in the nation this year, and the fifth in Michigan.
Earthstar Bank Southampton PA 35561
As of September 30, 2010, Earthstar Bank had approximately $112.6 million in total assets and $104.5 million in total deposits. Polonia Bank did not pay the FDIC a premium for the deposits of Earthstar Bank. In addition to assuming all of the deposits of the failed bank, Polonia Bank agreed to purchase approximately $77.1 million of the failed bank's assets. The FDIC will retain most of the assets for later disposition.
The FDIC and Polonia Bank entered into a loss-share transaction on $45.8 million of Earthstar Bank's assets.
Earthstar Bank is the 151st FDIC-insured institution to fail in the nation this year, and the second in Pennsylvania.