FDIC Friday Jan 27, 2012 Four more banks fail!

[Copper Catcher]

CenterState Bank of Florida, National Association, Winter Haven, Florida, Assumes All of the Deposits of First Guaranty Bank and Trust Company of Jacksonville, Jacksonville, Florida

As of September 30, 2011, First Guaranty Bank and Trust Company of Jacksonville had approximately $377.9 million in total assets and $349.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, CenterState Bank of Florida, National Association agreed to purchase essentially all of the assets.

The FDIC and CenterState Bank of Florida, National Association entered into a loss-share transaction on $292.9 million of First Guaranty Bank and Trust Company of Jacksonville's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $82.0 million. Compared to other alternatives, CenterState Bank of Florida, National Association's acquisition was the least costly resolution for the FDIC's DIF. First Guaranty Bank and Trust Company of Jacksonville is the fourth 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 Central Florida State Bank, Belleview, on January 20, 2012.

Republic Bank & Trust Company, Louisville, Kentucky, Assumes All of the Deposits of Tennessee Commerce Bank, Franklin, Tennessee

As of September 30, 2011, Tennessee Commerce Bank had approximately $1.185 billion in total assets and $1.156 billion in total deposits. In addition to assuming all of the deposits of the failed bank, Republic Bank & Trust Company agreed to purchase approximately $203.9 million of the failed bank's assets. The FDIC will retain most of the assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $416.8 million. Compared to other alternatives, Republic Bank & Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Tennessee Commerce Bank is the fifth FDIC-insured institution to fail in the nation this year, and the first in Tennessee. The last FDIC-insured institution closed in the state was Bank of Alamo, Alamo, on November 8, 2002.

First Resource Bank, Savage, Minnesota, Assumes All of the Deposits of Patriot Bank Minnesota, Forest Lake, Minnesota

As of September 30, 2011, Patriot Bank Minnesota had approximately $111.3 million in total assets and $108.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Resource Bank agreed to purchase essentially all of the assets.

The FDIC and First Resource Bank entered into a loss-share transaction on $79.4 million of Patriot Bank Minnesota's assets. First Resource 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 $32.6 million. Compared to other alternatives, First Resource Bank's acquisition was the least costly resolution for the FDIC's DIF. Patriot Bank Minnesota is the sixth FDIC-insured institution to fail in the nation this year, and the first in Minnesota. The last FDIC-insured institution closed in the state was The Riverbank, Wyoming, Minnesota, on October 7, 2011.

U.S. Bank National Association, Cincinnati, Ohio, Assumes All of the Deposits of BankEast, Knoxville, Tennessee

As of September 30, 2011, BankEast had approximately $272.6 million in total assets and $268.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, U.S. Bank National Association agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.6 million. Compared to other alternatives, U.S. Bank National Association's acquisition was the least costly resolution for the FDIC's DIF. BankEast is the seventh FDIC-insured institution to fail in the nation this year, and the second in Tennessee. The last FDIC-insured institution closed in the state was Tennessee Commerce Bank, Franklin, earlier today.

[henrysmedford]

We have not had a west coast one in a long time.

[Copper Catcher]

I am sure the FDIC will spread the love around!

[68Camaro]

There was some whoopla last week in the MSM about how no banks had failed for several weeks and the first three that did were little banks, and compared the numbers to last year and were all pumped up about it. They just caught up with these 4, total assets about $2 billion.

[Engineer]

All the failures over the past few years have started to show some patterns in the way the FDIC operates. Banks are rarely closed over 3 day weekends, and you can almost count on a slowdown or complete stop for a couple weeks at Christmastime. They took a nice break this year, and then came back to work after the MLK holiday. There appear to be several teams which will work to close down multiple banks in a geographic region over the course of a couple weeks, and then move on to where they're needed next. Tax day usually brings a decent size spike in closures too.