Older ~ FDIC Friday Spetember 13, 2013
Posted: Sat Sep 21, 2013 7:37 pmSeptember 13, 2013
FDIC Approves the Payout of the Insured Deposits of The Community's Bank, Bridgeport, Connecticut
The FDIC was unable to find another financial institution to take over the banking operations of The Community's Bank.
As of June 30, 2013, The Community's Bank had approximately $26.3 million in total assets and $25.7 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.
The FDIC as receiver will retain all the assets from The Community's Bank for later disposition. Loan customers should continue to make their payments as usual.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.8 million. The Community's Bank is the 21st FDIC-insured institution to fail in the nation this year, and the first in Connecticut. The last FDIC-insured institution closed in the state was Connecticut Bank of Commerce, Stamford, on June, 26, 2002.
PlainsCapital Bank, Dallas, Texas, Assumes All of the Deposits of First National Bank, Edinburg, Texas
As of June 30, 2013, First National Bank had approximately $3.1 billion in total assets and $2.3 billion in total deposits. In addition to assuming all of the deposits of First National Bank, PlainsCapital Bank agreed to purchase approximately $2.7 billion of First National Bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and PlainsCapital Bank entered into a loss-share transaction on $1.8 billion of First National Bank's assets. PlainsCapital 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 FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $637.5 million. Compared to other alternatives, PlainsCapital Bank's acquisition was the least costly resolution for the FDIC's DIF. First National Bank is the 22nd FDIC-insured institution to fail in the nation this year, and the first in Texas. The last FDIC-insured institution closed in the state was First International Bank, Plano, on September 30, 2011.
FDIC Approves the Payout of the Insured Deposits of The Community's Bank, Bridgeport, Connecticut
The FDIC was unable to find another financial institution to take over the banking operations of The Community's Bank.
As of June 30, 2013, The Community's Bank had approximately $26.3 million in total assets and $25.7 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.
The FDIC as receiver will retain all the assets from The Community's Bank for later disposition. Loan customers should continue to make their payments as usual.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.8 million. The Community's Bank is the 21st FDIC-insured institution to fail in the nation this year, and the first in Connecticut. The last FDIC-insured institution closed in the state was Connecticut Bank of Commerce, Stamford, on June, 26, 2002.
PlainsCapital Bank, Dallas, Texas, Assumes All of the Deposits of First National Bank, Edinburg, Texas
As of June 30, 2013, First National Bank had approximately $3.1 billion in total assets and $2.3 billion in total deposits. In addition to assuming all of the deposits of First National Bank, PlainsCapital Bank agreed to purchase approximately $2.7 billion of First National Bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and PlainsCapital Bank entered into a loss-share transaction on $1.8 billion of First National Bank's assets. PlainsCapital 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 FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $637.5 million. Compared to other alternatives, PlainsCapital Bank's acquisition was the least costly resolution for the FDIC's DIF. First National Bank is the 22nd FDIC-insured institution to fail in the nation this year, and the first in Texas. The last FDIC-insured institution closed in the state was First International Bank, Plano, on September 30, 2011.