FDIC Friday ~ 04-19-13 ~ Three Banks Fail
Posted: Sat Apr 20, 2013 7:24 pmYour Community Bank, New Albany, Indiana, Assumes All of the Deposits of First Federal Bank, Lexington, Kentucky
As of December 31, 2012, First Federal Bank had approximately $100.1 million in total assets and $93.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Your Community Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.7 million. Compared to other alternatives, Your Community Bank's acquisition was the least costly resolution for the FDIC's DIF. First Federal Bank is the sixth FDIC-insured institution to fail in the nation this year, and the first in Kentucky. The last FDIC-insured institution closed in the state was Irwin Union Bank, FSB, Louisville, on September 18, 2009.
FirstAtlantic Bank, Jacksonville, Florida, Assumes All of the Deposits of Heritage Bank of North Florida, Orange Park, Florida
As of December 31, 2012, Heritage Bank of North Florida had approximately $110.9 million in total assets and $108.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, FirstAtlantic Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.2 million. Compared to other alternatives, FirstAtlantic Bank's acquisition was the least costly resolution for the FDIC's DIF. Heritage Bank of North Florida is the seventh FDIC-insured institution to fail in the nation this year, and the first in Florida. The last FDIC-insured institution closed in the state was Heritage Bank of Florida, Lutz, on November 2, 2012.
First Federal Bank of Florida, Lake City, Florida, Assumes All of the Deposits of Chipola Community Bank, Marianna, Florida
As of December 31, 2012, Chipola Community Bank had approximately $39.2 million in total assets and $37.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Federal Bank of Florida agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.3 million. Compared to other alternatives, First Federal Bank of Florida's acquisition was the least costly resolution for the FDIC's DIF. Chipola Community Bank is the eighth FDIC-insured institution to fail in the nation this year, and the second in Florida. The last FDIC-insured institution closed in the state was Heritage Bank of North Florida, Orange Park, earlier today.
As of December 31, 2012, First Federal Bank had approximately $100.1 million in total assets and $93.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Your Community Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.7 million. Compared to other alternatives, Your Community Bank's acquisition was the least costly resolution for the FDIC's DIF. First Federal Bank is the sixth FDIC-insured institution to fail in the nation this year, and the first in Kentucky. The last FDIC-insured institution closed in the state was Irwin Union Bank, FSB, Louisville, on September 18, 2009.
FirstAtlantic Bank, Jacksonville, Florida, Assumes All of the Deposits of Heritage Bank of North Florida, Orange Park, Florida
As of December 31, 2012, Heritage Bank of North Florida had approximately $110.9 million in total assets and $108.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, FirstAtlantic Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.2 million. Compared to other alternatives, FirstAtlantic Bank's acquisition was the least costly resolution for the FDIC's DIF. Heritage Bank of North Florida is the seventh FDIC-insured institution to fail in the nation this year, and the first in Florida. The last FDIC-insured institution closed in the state was Heritage Bank of Florida, Lutz, on November 2, 2012.
First Federal Bank of Florida, Lake City, Florida, Assumes All of the Deposits of Chipola Community Bank, Marianna, Florida
As of December 31, 2012, Chipola Community Bank had approximately $39.2 million in total assets and $37.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Federal Bank of Florida agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.3 million. Compared to other alternatives, First Federal Bank of Florida's acquisition was the least costly resolution for the FDIC's DIF. Chipola Community Bank is the eighth FDIC-insured institution to fail in the nation this year, and the second in Florida. The last FDIC-insured institution closed in the state was Heritage Bank of North Florida, Orange Park, earlier today.