FDIC Friday June 17th 2011 - Two more banks close!

[Copper Catcher]

McIntosh State Bank, Jackson, Georgia

As of March 31, 2011, McIntosh State Bank had approximately $339.9 million in total assets and $324.4 million in total deposits. Hamilton State Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of McIntosh State Bank. In addition to assuming all of the deposits of the failed bank, Hamilton State Bank agreed to purchase essentially all of the assets.

The FDIC and Hamilton State Bank entered into a loss-share transaction on $242.1 million of McIntosh State Bank's assets. Hamilton State 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 $80.0 million. Compared to other alternatives, Hamilton State Bank's acquisition was the least costly resolution for the FDIC's DIF. McIntosh State Bank is the 46th FDIC-insured institution to fail in the nation this year, and the thirteenth in Georgia. The last FDIC-insured institution closed in the state was Atlantic Southern Bank, Macon, on May 20, 2011.


Stonegate Bank, Fort Lauderdale, Florida

As of March 31, 2011, First Commercial Bank of Tampa Bay had approximately $98.6 million in total assets and $92.6 million in total deposits. Stonegate Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Commercial Bank of Tampa Bay. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $28.5 million. Compared to other alternatives, Stonegate Bank's acquisition was the least costly resolution for the FDIC's DIF. First Commercial Bank of Tampa Bay is the 47th FDIC-insured institution to fail in the nation this year, and the sixth in Florida. The last FDIC-insured institution closed in the state was Coastal Bank, Cocoa, on May 6, 2011.