FDIC Friday - Sept 23, 2011
Posted: Sat Sep 24, 2011 6:20 amSouthern Bank and Trust Company, Mount Olive, North Carolina, Assumes All of the Deposits of Bank of the Commonwealth, Norfolk, Virginia
As of June 30, 2011, Bank of the Commonwealth had approximately $985.1 million in total assets and $901.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Southern Bank and Trust Company agreed to purchase approximately $924.3 million of the failed bank's assets. The FDIC will retain the balance of the assets for later disposition.
The FDIC and Southern Bank and Trust Company entered into a loss-share transaction on $798.2 million of Bank of the Commonwealth's assets. Southern Bank and Trust Company 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 $268.3 million. Compared to other alternatives, Southern Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Bank of the Commonwealth is the 72nd FDIC-insured institution to fail in the nation this year, and the second in Virginia. The last FDIC-insured institution closed in the state was Virginia Business Bank, Richmond, on July 29, 2011.
Tri Counties Bank, Chico, California, Assumes All of the Deposits of Citizens Bank of Northern California, Nevada City, California
As of June 30, 2011, Citizens Bank of Northern California had approximately $288.8 million in total assets and $253.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Tri Counties Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.2 million. Compared to other alternatives, Tri Counties Bank's acquisition was the least costly resolution for the FDIC's DIF. Citizens Bank of Northern California is the 73rd FDIC-insured institution to fail in the nation this year, and the fourth in California. The last FDIC-insured institution closed in the state was San Luis Trust Bank, FSB, San Luis Obispo, on February 18, 2011.
As of June 30, 2011, Bank of the Commonwealth had approximately $985.1 million in total assets and $901.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Southern Bank and Trust Company agreed to purchase approximately $924.3 million of the failed bank's assets. The FDIC will retain the balance of the assets for later disposition.
The FDIC and Southern Bank and Trust Company entered into a loss-share transaction on $798.2 million of Bank of the Commonwealth's assets. Southern Bank and Trust Company 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 $268.3 million. Compared to other alternatives, Southern Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Bank of the Commonwealth is the 72nd FDIC-insured institution to fail in the nation this year, and the second in Virginia. The last FDIC-insured institution closed in the state was Virginia Business Bank, Richmond, on July 29, 2011.
Tri Counties Bank, Chico, California, Assumes All of the Deposits of Citizens Bank of Northern California, Nevada City, California
As of June 30, 2011, Citizens Bank of Northern California had approximately $288.8 million in total assets and $253.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Tri Counties Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.2 million. Compared to other alternatives, Tri Counties Bank's acquisition was the least costly resolution for the FDIC's DIF. Citizens Bank of Northern California is the 73rd FDIC-insured institution to fail in the nation this year, and the fourth in California. The last FDIC-insured institution closed in the state was San Luis Trust Bank, FSB, San Luis Obispo, on February 18, 2011.
