FDIC Friday! 02-11-11

[Copper Catcher]

Sunshine State Community Bank, Port Orange, FL

As of December 31, 2010, Sunshine State Community Bank had approximately $125.5 million in total assets and $116.7 million in total deposits. Premier American Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Sunshine State Community Bank. In addition to assuming all of the deposits of the failed bank, Premier American Bank agreed to purchase essentially all of the assets.

Sunshine State Community Bank is the fifteenth 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 First Commercial Bank of Florida, Orlando, on January 7, 2011.

Peoples State Bank, Hamtramck, MI

As of December 31, 2010, Peoples State Bank had approximately $390.5 million in total assets and $389.9 million in total deposits. First Michigan Bank will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Peoples State Bank. In addition to assuming all of the deposits of the failed bank, First Michigan Bank agreed to purchase essentially all of the assets.

Peoples State Bank is the sixteenth FDIC-insured institution to fail in the nation this year, and the first in Michigan. The last FDIC-insured institution closed in the state was Paramount Bank, Farmington Hills, on December 10, 2010.

Badger State Bank, Cassville, WI

As of December 31, 2010, Badger State Bank had approximately $83.8 million in total assets and $78.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Royal Bank agreed to purchase essentially all of the assets.

Royal Bank's acquisition was the least costly resolution for the FDIC's DIF. Badger State Bank is the seventeenth FDIC-insured institution to fail in the nation this year, and the second in Wisconsin. The last FDIC-insured institution closed in the state was Evergreen State Bank, Stoughton, on January 28, 2011.

Canyon National Bank, Palm Springs, CA

As of December 31, 2010, Canyon National Bank had approximately $210.9 million in total assets and $205.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Pacific Premier Bank agreed to purchase essentially all of the assets.

Canyon National Bank is the eighteenth FDIC-insured institution to fail in the nation this year, and the first in California. The last FDIC-insured institution closed in the state was First Vietnamese American Bank, Westminster, on November 5, 2010.

[JadeDragon]

Royal Bank bought one... the Canadians are picking up some bargains.