The Bank of Miami,N.A. Coral Gables FL
As of September 30, 2010, The Bank of Miami, N.A. had approximately $448.2 million in total assets and $374.2 million in total deposits. 1st United Bank did not pay the FDIC a premium for the deposits of The Bank of Miami, N.A. In addition to assuming all of the deposits of the failed bank, 1st United Bank agreed to purchase approximately $442.3 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and 1st United Bank entered into a loss-share transaction on $313.5 million of The Bank of Miami, N.A.'s assets. 1st United 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.
The Bank of Miami, N.A. is the 152nd FDIC-insured institution to fail in the nation this year, and the 29th in Florida. The last FDIC-insured institution closed in the state was Gulf State Community Bank, Carrabelle, on November 19, 2010.
Chestatee State Bank Dawsonville GA
As of September 30, 2010, Chestatee State Bank had approximately $244.4 million in total assets and $240.5 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium for the deposits of Chestatee State Bank. In addition to assuming all of the deposits of the failed bank, Bank of the Ozarks agreed to purchase essentially all of the assets.
The FDIC and Bank of the Ozarks entered into a loss-share transaction on $195.3 million of Chestatee State Bank's assets. Bank of the Ozarks will share in the losses on the asset pools covered under the loss-share agreement.
Chestatee State Bank is the 153rd FDIC-insured institution to fail in the nation this year, and the 19th in Georgia. The last FDIC-insured institution closed in the state was Darby Bank & Trust, Vidalia, on November 12, 2010.
Appalachian Community Bank, FSB McCaysville GA
As of September 30, 2010, Appalachian Community Bank, F.S.B. had approximately $68.2 million in total assets and $76.4 million in total deposits. Peoples Bank of East Tennessee did not pay the FDIC a premium for the deposits of Appalachian Community Bank, F.S.B. In addition to assuming all of the deposits of the failed bank, Peoples Bank of East Tennessee agreed to purchase approximately $67.5 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and Peoples Bank of East Tennessee entered into a loss-share transaction on $46.4 million of Appalachian Community Bank, F.S.B.'s assets. Peoples Bank of East Tennessee will share in the losses on the asset pools covered under the loss-share agreement.
Appalachian Community Bank, F.S.B. is the 154th FDIC-insured institution to fail in the nation this year, and the 20th in Georgia. The last FDIC-insured institution closed in the state was Chestatee State Bank, Dawsonville, earlier today.
United Americas Bank, N.A. Atlanta GA
As of September 30, 2010, United Americas Bank, N.A. had approximately $242.3 million in total assets and $193.8 million in total deposits. State Bank and Trust Company did not pay the FDIC a premium for the deposits of United Americas Bank, N.A. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the assets.
The FDIC and State Bank and Trust Company entered into a loss-share transaction on $195.8 million of United Americas Bank, N.A.'s assets. State Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement.
United Americas Bank, N.A. is the 155th FDIC-insured institution to fail in the nation this year, and the 21st in Georgia. The last FDIC-insured institution closed in the state was Appalachian Community Bank, F.S.B., McCaysville, earlier today.
First Southern Bank Batesville AR
As of September 30, 2010, First Southern Bank had approximately $191.8 million in total assets and $155.8 million in total deposits. Southern Bank paid the FDIC a premium of 0.25 percent to assume all of the deposits of First Southern Bank. In addition to assuming all of the deposits of the failed bank, Southern Bank agreed to purchase approximately $152.8 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
First Southern Bank is the 156th FDIC-insured institution to fail in the nation this year, and the first in Arkansas. The last FDIC-insured institution closed in the state was ANB Financial, NA, Bentonville, on May 9, 2008.
Community National Bank Lino Lakes MN
As of September 30, 2010, Community National Bank had approximately $31.6 million in total assets and $28.8 million in total deposits. Farmers & Merchants Savings Bank did not pay the FDIC a premium for the deposits of Community National Bank In addition to assuming all of the deposits of the failed bank, Farmers & Merchants Savings Bank agreed to purchase essentially all of the assets.
Community National Bank is the 157th FDIC-insured institution to fail in the nation this year, and the eighth in Minnesota. The last FDIC-insured institution closed in the state was Community Security Bank, New Prague, on July 23, 2010.
