January 2014 FDIC Review _ Information added
Posted: Fri Jan 31, 2014 2:03 pmJan17th
Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of DuPage National Bank, West Chicago, Illinois
As of September 30, 2013, DuPage National Bank had approximately $61.7 million in total assets and $59.6 million in total deposits. Republic Bank of Chicago will pay the FDIC a premium of 1.20 percent to assume all of the deposits of DuPage National Bank. In addition to assuming all of the deposits of the DuPage National Bank, Republic Bank of Chicago agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.6 million. Compared to other alternatives, Republic Bank of Chicago's acquisition was the least costly resolution for the FDIC's DIF. DuPage National Bank is the 1st FDIC-insured institution to fail in the nation this year. The last FDIC-insured institution closed in the state was Covenant Bank, Chicago, on February 15, 2013.
Jan24th
BancFirst, Oklahoma City, Oklahoma, Assumes All of the Deposits of The Bank of Union, El Reno, Oklahoma
As of September 30, 2013, The Bank of Union had approximately $331.4 million in total assets and $328.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, BancFirst agreed to purchase approximately $225.5 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 $70.0 million. Compared to other alternatives, BancFirst's acquisition was the least costly resolution for the FDIC's DIF. The Bank of Union is the second FDIC-insured institution to fail in the nation this year, and the first in Oklahoma. The last FDIC-insured institution closed in the state was First Capital Bank, Kingfisher, on June 8, 2012.
Jan 31st
Sunwest Bank, Irvine, California, Assumes All of the Deposits of Syringa Bank, Boise Idaho
As of September 30, 2013, Syringa Bank had approximately $153.4 million in total assets and $145.1 million in total deposits. Sunwest Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of Syringa Bank. In addition to assuming all of the deposits of the Syringa Bank, Sunwest Bank agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.5 million. Compared to other alternatives, Sunwest Bank's acquisition was the least costly resolution for the FDIC's DIF. Syringa Bank is the 3rd FDIC-insured institution to fail in the nation this year, and the first in Idaho. The last FDIC-insured institution closed in the state was First Bank of Idaho, FSB, Ketchum, on April 24, 2009.
Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of DuPage National Bank, West Chicago, Illinois
As of September 30, 2013, DuPage National Bank had approximately $61.7 million in total assets and $59.6 million in total deposits. Republic Bank of Chicago will pay the FDIC a premium of 1.20 percent to assume all of the deposits of DuPage National Bank. In addition to assuming all of the deposits of the DuPage National Bank, Republic Bank of Chicago agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.6 million. Compared to other alternatives, Republic Bank of Chicago's acquisition was the least costly resolution for the FDIC's DIF. DuPage National Bank is the 1st FDIC-insured institution to fail in the nation this year. The last FDIC-insured institution closed in the state was Covenant Bank, Chicago, on February 15, 2013.
Jan24th
BancFirst, Oklahoma City, Oklahoma, Assumes All of the Deposits of The Bank of Union, El Reno, Oklahoma
As of September 30, 2013, The Bank of Union had approximately $331.4 million in total assets and $328.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, BancFirst agreed to purchase approximately $225.5 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 $70.0 million. Compared to other alternatives, BancFirst's acquisition was the least costly resolution for the FDIC's DIF. The Bank of Union is the second FDIC-insured institution to fail in the nation this year, and the first in Oklahoma. The last FDIC-insured institution closed in the state was First Capital Bank, Kingfisher, on June 8, 2012.
Jan 31st
Sunwest Bank, Irvine, California, Assumes All of the Deposits of Syringa Bank, Boise Idaho
As of September 30, 2013, Syringa Bank had approximately $153.4 million in total assets and $145.1 million in total deposits. Sunwest Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of Syringa Bank. In addition to assuming all of the deposits of the Syringa Bank, Sunwest Bank agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.5 million. Compared to other alternatives, Sunwest Bank's acquisition was the least costly resolution for the FDIC's DIF. Syringa Bank is the 3rd FDIC-insured institution to fail in the nation this year, and the first in Idaho. The last FDIC-insured institution closed in the state was First Bank of Idaho, FSB, Ketchum, on April 24, 2009.