FDIC Friday! Oct 15th ~ Three more banks fail!
Posted: Fri Oct 15, 2010 9:27 pmWell folks this is yet another update on the banks that have failed recently! Forget the banks that show millions we will start by bumping it up a notch to BILLIONS! 
Premier Bank Jefferson City MO 34016
As of June 30, 2010, Premier Bank had approximately $1.18 billion in total assets and $1.03 billion in total deposits. Providence Bank did not pay the FDIC a premium for the deposits of Premier Bank. In addition to assuming all of the deposits of the failed bank, Providence Bank agreed to purchase approximately $657.9 million of the failed bank's assets. The FDIC will retain the balance of the assets for later disposition.
The FDIC and Providence Bank entered into a loss-share transaction on $408.7 million of Premier Bank's assets. Providence 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.
WestBridge Bank and Trust Company Chesterfield MO 58205
As of June 30, 2010, WestBridge Bank and Trust Company had approximately $91.5 million in total assets and $72.5 million in total deposits. Midland States Bank did not pay the FDIC a premium for the deposits of WestBridge Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, Midland States Bank agreed to purchase essentially all of the assets.
The FDIC and Midland States Bank entered into a loss-share transaction on $72.6 million of WestBridge Bank and Trust Company's assets. Midland States Bank will share in the losses on the asset pools covered under the loss-share agreement.
Security Savings Bank, F.S.B. Olathe KS 30898
As of June 30, 2010, Security Savings Bank, F.S.B. had approximately $508.4 million in total assets and $397.0 million in total deposits. Simmons First National Bank did not pay the FDIC a premium for the deposits of Security Savings Bank, F.S.B. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.
The FDIC and Simmons First National Bank entered into a loss-share transaction on $334.2 million of Security Savings Bank, F.S.B.'s assets. Simmons First National Bank will share in the losses on the asset pools covered under the loss-share agreement.
Premier Bank Jefferson City MO 34016
As of June 30, 2010, Premier Bank had approximately $1.18 billion in total assets and $1.03 billion in total deposits. Providence Bank did not pay the FDIC a premium for the deposits of Premier Bank. In addition to assuming all of the deposits of the failed bank, Providence Bank agreed to purchase approximately $657.9 million of the failed bank's assets. The FDIC will retain the balance of the assets for later disposition.
The FDIC and Providence Bank entered into a loss-share transaction on $408.7 million of Premier Bank's assets. Providence 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.
WestBridge Bank and Trust Company Chesterfield MO 58205
As of June 30, 2010, WestBridge Bank and Trust Company had approximately $91.5 million in total assets and $72.5 million in total deposits. Midland States Bank did not pay the FDIC a premium for the deposits of WestBridge Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, Midland States Bank agreed to purchase essentially all of the assets.
The FDIC and Midland States Bank entered into a loss-share transaction on $72.6 million of WestBridge Bank and Trust Company's assets. Midland States Bank will share in the losses on the asset pools covered under the loss-share agreement.
Security Savings Bank, F.S.B. Olathe KS 30898
As of June 30, 2010, Security Savings Bank, F.S.B. had approximately $508.4 million in total assets and $397.0 million in total deposits. Simmons First National Bank did not pay the FDIC a premium for the deposits of Security Savings Bank, F.S.B. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.
The FDIC and Simmons First National Bank entered into a loss-share transaction on $334.2 million of Security Savings Bank, F.S.B.'s assets. Simmons First National Bank will share in the losses on the asset pools covered under the loss-share agreement.