Bank Failure Toll Reaches 15 in 2010

Regulators closed banks in Georgia, Florida, Minnesota, California, and Washington on Friday, pushing U.S. bank failures to 15 this year. Assets of nearly $5.5 billion and deposits of over $4.5 billion from the six banks were turned over to new lenders at a total cost of more than $1.5 billion to the FDIC’s DIF, according to agency statements.

– Bank Failure #10

The Federal Deposit Insurance Corporation [FDIC] was named receiver for First National Bank of Georgia, Carrollton, Georgia, after being closed Friday by the Office of the Comptroller of the Currency.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community & Southern Bank of Carrollton to assume all of the deposits of First National Bank of Georgia.

The FDIC said First National Bank had $832.6 million in assets and $757.9 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $260.4 million.

First National Bank of Georgia is the tenth bank to fail in the nation this year, and the first in Georgia. The last FDIC-insured institution closed in the state was Rockbridge Commercial Bank, Atlanta, on December 18, 2009.

– Bank Failure #11

The FDIC was named receiver for Florida Community Bank of Immokalee, Florida, after being closed Friday by the Florida Office of Financial Regulation.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Florida Community Bank.

The FDIC said Florida Community Bank had $875.5 million in assets and $795.5 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $352.6 million.

Florida Community Bank is the 11th bank to fail in the nation this year, and the second in Florida. The last FDIC-insured institution closed in the state was Premier American Bank, Miami, on January 22, 2010.

– Bank Failure #12

The FDIC was named receiver for Marshall Bank, National Association of Hallock, Minnesota, after being closed Friday by the Office of the Comptroller of the Currency.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Valley Bank of Cavalier, North Dakota, to assume all of the deposits of Marshall Bank, N.A.

The FDIC said Marshall Bank had $59.9 million in assets and $54.7 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $4.1 million.

Marshall Bank, N.A. is the 12th bank to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution closed in the state was St. Stephen State Bank, St. Stephen, on January 15, 2010

– Bank Failure #13

The FDIC was named receiver for Community Bank and Trust of Cornelia, Georgia after being closed Friday by the Georgia Department of Banking and Finance.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust.

The FDIC said Community Bank and Trust had $1.21 billion in assets and $1.11 billion in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $354.5 million.

Community Bank and Trust is the 13th bank to fail in the nation this year, and the second in Georgia. The last FDIC-insured institution closed in the state was First National Bank of Georgia, Carrollton, earlier today.

– Bank Failure #14

The FDIC was named receiver for First Regional Bank of Los Angeles, California after being closed Friday by the California Department of Financial Institutions.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of First Regional Bank.

The FDIC said First Regional Bank and Trust had $2.18 billion in assets and $1.87 billion in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $825.5 million.

First Regional Bank is the 14th bank to fail in the nation this year, and the first in California. The last FDIC-insured institution closed in the state was Imperial Capital Bank, La Jolla, on December 18, 2009.

– Bank Failure #15

The FDIC was named receiver for American Marine Bank of Bainbridge Island, Washington after being closed Friday by the Washington Department of Financial Institutions.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of American Marine Bank.

The FDIC said American Marine Bank had $373.2 million in assets and $308.5 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $58.9 million.

American Marine Bank is the 15th bank to fail in the nation this year, and the third in Washington. The last FDIC-insured institution closed in the state was Evergreen Bank, Seattle, on January 22, 2010.

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