The FDIC’s two week bank closing rampage has driven the number of banks closed this year to over 100. Seven banks were closed by the FDIC on Friday July 23, 2010. This follows the six banks the FDIC shuttered in the previous week and brings the annual total of bank closings up to 103.
All of the banks that were closed on Friday were relatively small based on asset size and all banks had their deposits transferred to an acquiring institution. The relatively small size of the banks kept the estimated costs to the Deposit Insurance Fund for the bank closures fairly modest.
The largest bank to fall into the grasp of the bear or Bair as in Sheila Bair, the Chairman of the FDIC, was Crescent Bank and Trust Company of Jasper, GA which had approximately $1.01 billion in total assets and $965.7 million in total deposits. The smallest bank was Thunder Bank, of Sylvan Grove, KS which had approximately $32.6 million in total assets and $28.5 million in total deposits.
The other five banks, listed by asset, that were closed and had their assets transferred to new owners on Friday size included:
Sterling Bank of Lantana, FL. Sterling Bank had approximately $407.9 million in total assets and $372.4 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund for this closure will be $45.5 million.
Home Valley Bank of Cave Junction, OR. Home Valley Bank had approximately $251.80 million in total assets and $229.6 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund for Home Valley Bank will be $37.1 million.
SouthwestUSA Bank of Las Vegas, NV. The bank had approximately $251.80 million in total assets and $229.6 million in total deposits. The estimates that the cost to the Deposit Insurance Fund is $74.1 million.
Williamsburg First National Bank of Kingstree, SC. Williamsburg First National Bank had approximately $139.3 million in total assets and $134.3 million in deposits. The closure costs for Willamsburg are estimated to be only $8.8 million.
Community Security Bank of New Prague, MN. Community Security Bank had approximately $108.0 million in total assets and $99.7 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund will be $18.6 million.
Thunder Bank’s cost to the FDIC Deposit Insurance Fund is estimated at $4.5 million while the cost for Crescent Bank and Trust Company is estimated to cost $242.4 million based FDIC figures.
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