Five More Banks Seized by Regulators, Making 52 in ‘09

Federal authorities closed 5 more banks on Thursday. Today’s action was somewhat unusual ; most bank failure announcements occur late Friday evening.

From the FDIC:

Rock River Bank, Oregon, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

As of April 30, 2009, Rock River Bank had total assets of $77 million and total deposits of approximately $75.8 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.6 million. The Harvard State Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. Rock River Bank is the 48th FDIC-insured institution to fail in the nation this year, and the ninth in Illinois. The last FDIC-insured institution to be closed in the state was The First State Bank of Winchester, earlier today.

From the FDIC:

The Elizabeth State Bank, Elizabeth, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Galena State Bank and Trust, Galena, Illinois, to assume all of the deposits of The Elizabeth State Bank.

As of April 30, 3009, The Elizabeth State Bank had total assets of $55.5 million and total deposits of approximately $50.4 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.2 million. Galena State Bank and Trust’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The Elizabeth State Bank is the 49th FDIC-insured institution to fail in the nation this year, and the tenth in Illinois. The last FDIC-insured institution to be closed in the state was Rock River Bank, Oregon, earlier today.

From the FDIC:

The First National Bank of Danville, Danville, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Financial Bank, N.A., Terre Haute, Indiana, to assume all of the deposits of The First National Bank of Danville.

As of April 30, 2009, The First National Bank of Danville had total assets of $166 million and total deposits of approximately $147 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24 million. First Financial Bank’s, N.A. acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The First National Bank of Danville is the 50th FDIC-insured institution to fail in the nation this year, and the eleventh in Illinois. The last FDIC-insured institution to be closed in the state was The Elizabeth State Bank, Elizabeth, earlier today.

From the FDIC:

Millennium State Bank of Texas, Dallas, Texas, was closed today by the Texas Department of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank of Texas, Irving, Texas, to assume all of the deposits of Millennium State Bank of Texas.

As of June 30, 2009, Millennium State Bank of Texas had total assets of approximately $118 million and total deposits of $115 million.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $47 million. State Bank of Texas’ acquisition of all the deposits was the “least costly” resolution for the DIF compared to alternatives. Millennium State Bank of Texas is the 51st FDIC-insured institution to fail in the nation this year and the first in Texas. The last bank to fail in the state was Sanderson State Bank, Sanderson, on December 12, 2008.

From the FDIC:

Founders Bank, Worth, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The PrivateBank and Trust Company, Chicago, Illinois, to assume all of the deposits of Founders Bank.

As of April 30, 2009, Founders Bank had total assets of $962.5 million and total deposits of approximately $848.9 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $188.5 million. The PrivateBank and Trust Company’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. Founders Bank is the 52nd FDIC-insured institution to fail in the nation this year, and the twelfth in Illinois. The last FDIC-insured institution to be closed in the state was The First National Bank of Danville, earlier today.

Be the first to comment

Leave a Reply

Your email address will not be published.


*