Late reporting - A big FDIC Friday Report!! July 29,2011
Posted: Sat Jul 30, 2011 5:11 pmXenith Bank, Richmond, Virginia, Assumes All of the Deposits of Virginia Business Bank, Richmond, Virginia
As of March 31, 2011, Virginia Business Bank had approximately $95.8 million in total assets and $85.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, Xenith Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.3 million. Compared to other alternatives, Xenith Bank's acquisition was the least costly resolution for the FDIC's DIF. Virginia Business Bank is the 59th FDIC-insured institution to fail in the nation this year, and the first in Virginia. The last FDIC-insured institution closed in the state was Imperial Savings and Loan Association, Martinsville, on August 20, 2010.
SCBT, National Association, Orangeburg, South Carolina, Assumes All of the Deposits of BankMeridian, N.A., Columbia, South Carolina
As of March 31, 2011, BankMeridian, N.A. had approximately $239.8 million in total assets and $215.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, SCBT, National Association agreed to purchase essentially all of the assets.
The FDIC and SCBT, National Association entered into a loss-share transaction on $179.0 million of BankMeridian, N.A.'s assets. SCBT, National Association will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $65.4 million. Compared to other alternatives, SCBT, National Association's acquisition was the least costly resolution for the FDIC's DIF. BankMeridian, N.A. is the 60th FDIC-insured institution to fail in the nation this year, and the third in South Carolina. The last FDIC-insured institution closed in the state was Atlantic Bank and Trust, Charleston, on June 3, 2011.
Old National Bank, Evansville, Indiana, Assumes All of the Deposits of Integra Bank, National Association, Evansville, Indiana
As of March 31, 2011, Integra Bank, National Association had approximately $2.2 billion in total assets and $1.9 billion in total deposits. Old National Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Integra Bank, National Association. In addition to assuming all of the deposits of the failed bank, Old National Bank agreed to purchase essentially all of the assets.
The FDIC and Old National Bank entered into a loss-share transaction on $1.2 billion of Integra Bank, National Association's assets. Old National Bank will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $170.7 million. Compared to other alternatives, Old National Bank's acquisition was the least costly resolution for the FDIC's DIF. Integra Bank, National Association is the 61st FDIC-insured institution to fail in the nation this year, and the first in Indiana. The last FDIC-insured institution closed in the state was Irwin Union Bank and Trust Company, Columbus, on September 18, 2009.
As of March 31, 2011, Virginia Business Bank had approximately $95.8 million in total assets and $85.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, Xenith Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.3 million. Compared to other alternatives, Xenith Bank's acquisition was the least costly resolution for the FDIC's DIF. Virginia Business Bank is the 59th FDIC-insured institution to fail in the nation this year, and the first in Virginia. The last FDIC-insured institution closed in the state was Imperial Savings and Loan Association, Martinsville, on August 20, 2010.
SCBT, National Association, Orangeburg, South Carolina, Assumes All of the Deposits of BankMeridian, N.A., Columbia, South Carolina
As of March 31, 2011, BankMeridian, N.A. had approximately $239.8 million in total assets and $215.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, SCBT, National Association agreed to purchase essentially all of the assets.
The FDIC and SCBT, National Association entered into a loss-share transaction on $179.0 million of BankMeridian, N.A.'s assets. SCBT, National Association will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $65.4 million. Compared to other alternatives, SCBT, National Association's acquisition was the least costly resolution for the FDIC's DIF. BankMeridian, N.A. is the 60th FDIC-insured institution to fail in the nation this year, and the third in South Carolina. The last FDIC-insured institution closed in the state was Atlantic Bank and Trust, Charleston, on June 3, 2011.
Old National Bank, Evansville, Indiana, Assumes All of the Deposits of Integra Bank, National Association, Evansville, Indiana
As of March 31, 2011, Integra Bank, National Association had approximately $2.2 billion in total assets and $1.9 billion in total deposits. Old National Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Integra Bank, National Association. In addition to assuming all of the deposits of the failed bank, Old National Bank agreed to purchase essentially all of the assets.
The FDIC and Old National Bank entered into a loss-share transaction on $1.2 billion of Integra Bank, National Association's assets. Old National Bank will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $170.7 million. Compared to other alternatives, Old National Bank's acquisition was the least costly resolution for the FDIC's DIF. Integra Bank, National Association is the 61st FDIC-insured institution to fail in the nation this year, and the first in Indiana. The last FDIC-insured institution closed in the state was Irwin Union Bank and Trust Company, Columbus, on September 18, 2009.