We all know how good government is at predictions and hitting their budget numbers exactly, right? So, now Friday six banks close....in other words...No there is not a problem here, just move along, nothing to see....
Bartow County Bank, Cartersville, GA
As of December 31, 2010, Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Bartow County Bank. In addition to assuming all of the deposits of the failed bank, Hamilton State Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $69.5 million. Compared to other alternatives, Hamilton State Bank's acquisition was the least costly resolution for the FDIC's DIF. Bartow County Bank is the 29th FDIC-insured institution to fail in the nation this year, and the seventh in Georgia. The last FDIC-insured institution closed in the state was Citizens Bank of Effingham, Springfield, on February 18, 2011.
New Horizons Bank, East Ellijay, GA
As of December 31, 2010, New Horizons Bank had approximately $110.7 million in total assets and $106.1 million in total deposits. Citizens South Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of New Horizons Bank. In addition to assuming all of the deposits of the failed bank, Citizens South Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.9 million. Compared to other alternatives, Citizens South Bank's acquisition was the least costly resolution for the FDIC's DIF. New Horizons Bank is the 30th FDIC-insured institution to fail in the nation this year, and the eighth in Georgia. The last FDIC-insured institution closed in the state was Bartow County Bank, Cartersville, earlier today.
Nexity Bank, Birmingham, AL
As of December 31, 2010, Nexity Bank had approximately $793.7 million in total assets and $637.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, AloStar Bank of Commerce agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $175.4 million. Compared to other alternatives, AloStar Bank of Commerce's acquisition was the least costly resolution for the FDIC's DIF. Nexity Bank is the 31st FDIC-insured institution to fail in the nation this year, and the first in Alabama. The last FDIC-insured institution closed in the state was First Lowndes Bank, Fort Deposit, on March 19, 2010.
Superior Bank, Birmingham, AL
As of December 31, 2010, Superior Bank had approximately $3.0 billion in total assets and $2.7 billion in total deposits. In addition to assuming all of the deposits of the failed bank, Superior Bank, N.A. agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $259.6 million. Compared to other alternatives, Superior Bank, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. Superior Bank is the 32nd FDIC-insured institution to fail in the nation this year, and the second in Alabama. The last FDIC-insured institution closed in the state was Nexity Bank, Birmingham, earlier today.
Rosemount National Bank, Rosemount, MN
As of December 31, 2010, Rosemount National Bank had approximately $37.6 million in total assets and $36.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.6 million. Compared to other alternatives, Central Bank's acquisition was the least costly resolution for the FDIC's DIF. Rosemount National Bank is the 33rd 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 Community National Bank, Lino Lakes, on December 17, 2010.
Heritage Banking Group, Carthage, MS
As of December 31, 2010, Heritage Banking Group had approximately $224.0 million in total assets and $196.2 million in total deposits. Trustmark National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of Heritage Banking Group. In addition to assuming all of the deposits of the failed bank, Trustmark National Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $49.1 million. Compared to other alternatives, Trustmark National Bank's acquisition was the least costly resolution for the FDIC's DIF. Heritage Banking Group is the 34th FDIC-insured institution to fail in the nation this year, and the first in Mississippi. The last FDIC-insured institution closed in the state was First National Bank, Rosedale, on June 4, 2010.
