FDIC Friday ~ May 10, 2013

[Copper Catcher]

Capital Bank, National Association, Rockville, Maryland, Assumes All of the Deposits of Pisgah Community Bank, Asheville, North Carolina

As of March 31, 2013, Pisgah Community Bank had approximately $21.9 million in total assets and $21.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Capital Bank, National Association agreed to purchase approximately $19.8 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that cost to the Deposit Insurance Fund will be $8.9 million. Compared to other alternatives, Capital Bank, National Association was the least costly resolution for the FDIC's DIF. Pisgah Community Bank is the 11th FDIC-insured institution to fail in the nation this year, and the second in North Carolina. The last FDIC-insured institution closed in the state was Parkway Bank, Lenoir, North Carolina, on April 26, 2013.

Synovus Bank, Columbus, Georgia, Assumes All of the Deposits of Sunrise Bank, Valdosta, Georgia

As of March 31, 2013, Sunrise Bank had approximately $60.8 million in total assets and $57.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Synovus Bank agreed to purchase approximately $13.2 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that cost to the Deposit Insurance Fund will be $17.3 million. Compared to other alternatives, Synovus Bank was the least costly resolution for the FDIC's DIF. Sunrise Bank is the 12th FDIC-insured institution to fail in the nation this year, and the third in Georgia. The last FDIC-insured institution closed in the state was Douglas County Bank, Douglasville, on April 26, 2013.