Portal Seven | Banks Acquiring Failed Banks : Details of bank Acquisition

Banks Acquiring Failed Banks

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ALL 2011 2010 2009 2008 Big Banks Medium Banks Small Banks

Banks failed in 2010

# 57

Failed Bank	:	Wheatland Bank - Naperville, Illinois
Date Closed	:	April 23, 2010
Assets	:	$437.2 million
Deposits	:	$438.5 million

Acquiring Bank	:	Wheaton Bank & Trust - Wheaton, Illinois
Assets Purchased	:	$437.2 million
Deposits Purchased	:	$438.5 million
Premium paid for acquiring deposits	:	0.4 percent
Loss Sharing Agreement with FDIC for assets	:	$300.2 million
Cost to the Deposit Insurance Fund	:	$133.0 million

Notes

Wheaton Bank & Trust will pay the FDIC a premium of 0.4 percent to assume all of the deposits of Wheatland Bank. In addition to assuming all of the deposits of the failed bank, Wheaton Bank & Trust agreed to purchase essentially all of the assets.

# 56

Failed Bank	:	Peotone Bank and Trust Company - Peotone, Illinois
Date Closed	:	April 23, 2010
Assets	:	$130.2 million
Deposits	:	$127.0 million

Acquiring Bank	:	First Midwest Bank - Itasca, Illinois
Assets Purchased	:	$130.2 million
Deposits Purchased	:	$127.0 million
Premium paid for acquiring deposits	:	1.0 percent
Loss Sharing Agreement with FDIC for assets	:	$57.5 million
Cost to the Deposit Insurance Fund	:	$31.7 million

Notes

First Midwest Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Peotone Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets.

# 55

Failed Bank	:	Lincoln Park Savings Bank - Chicago, Illinois
Date Closed	:	April 23, 2010
Assets	:	$199.9 million
Deposits	:	$171.5 million

Acquiring Bank	:	Northbrook Bank and Trust Company - Northbrook, Illinois
Assets Purchased	:	$199.9 million
Deposits Purchased	:	$171.5 million
Premium paid for acquiring deposits	:	0.4 percent
Loss Sharing Agreement with FDIC for assets	:	$141.5 million
Cost to the Deposit Insurance Fund	:	$48.4 million

Notes

Northbrook Bank and Trust Company will pay the FDIC a premium of 0.4 percent to assume all of the deposits of Lincoln Park Savings Bank. In addition to assuming all of the deposits of the failed bank, Northbrook Bank and Trust Company agreed to purchase essentially all of the assets.

# 54

Failed Bank	:	New Century Bank - Chicago, Illinois
Date Closed	:	April 23, 2010
Assets	:	$485.6 million
Deposits	:	$492.0 million

Acquiring Bank	:	MB Financial Bank, N.A. - Chicago, Illinois
Assets Purchased	:	$485.6 million
Deposits Purchased	:	$492.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$429.1 million
Cost to the Deposit Insurance Fund	:	$125.3 million

Notes

MB Financial Bank, National Association agreed to purchase essentially all of the assets.

# 53

Failed Bank	:	Citizens Bank and Trust Company of Chicago - Chicago, Illinois
Date Closed	:	April 23, 2010
Assets	:	$77.3 million
Deposits	:	$74.5 million

Acquiring Bank	:	Republic Bank Of Chicago - Oak Brook, Illinois
Assets Purchased	:	0
Deposits Purchased	:	$74.5 million
Premium paid for acquiring deposits	:	0.00013 percent
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$20.9 million

Notes

Republic Bank of Chicago will pay the FDIC a premium of 0.00013 percent to assume all of the deposits of Citizens Bank&Trust Company of Chicago. The FDIC as receiver will retain most of the assets from Citizens Bank&Trust Company of Chicago for later disposition.

# 52

Failed Bank	:	Broadway Bank - Chicago, Illinois
Date Closed	:	April 23, 2010
Assets	:	$1.2 billion
Deposits	:	$1.1 billion

Acquiring Bank	:	MB Financial Bank, N.A. - Chicago, Illinois
Assets Purchased	:	$1.2 billion
Deposits Purchased	:	$1.1 billion
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$878.4 million
Cost to the Deposit Insurance Fund	:	$394.3 million

Notes

MB Financial Bank, National Association agreed to purchase essentially all of the assets.

# 51

Failed Bank	:	Amcore Bank, National Association - Rockford, Illinois
Date Closed	:	April 23, 2010
Assets	:	$3.8 billion
Deposits	:	$3.4 billion

Acquiring Bank	:	Harris National Association - Chicago, Illinois
Assets Purchased	:	$3.8 billion
Deposits Purchased	:	$3.4 billion
Premium paid for acquiring deposits	:	0.01 percent
Loss Sharing Agreement with FDIC for assets	:	$2.0 billion
Cost to the Deposit Insurance Fund	:	$220.3 million

Notes

Harris National Association will pay the FDIC a premium of 0.01 percent to assume all of the deposits of Amcore Bank, National Association. In addition to assuming all of the deposits of the failed bank, Harris National Association agreed to purchase essentially all of the assets.

# 50

Failed Bank	:	City Bank - Lynnwood, Washington
Date Closed	:	April 16, 2010
Assets	:	$1.13 billion
Deposits	:	$1.02 billion

Acquiring Bank	:	Whidbey Island Bank - Coupeville, Washington
Assets Purchased	:	$704.1 million
Deposits Purchased	:	$1.02 billion
Premium paid for acquiring deposits	:	1.0 percent
Loss Sharing Agreement with FDIC for assets	:	$455.6 million
Cost to the Deposit Insurance Fund	:	$323.4 million

Notes

Whidbey Island Bank paid the FDIC a premium of 1.0 percent to assume all of the deposits of City Bank. In addition to assuming all of the deposits, Whidbey Island Bank agreed to purchase approximately $704.1 million of the failed bank's assets.

# 49

Failed Bank	:	Tamalpais Bank - San Rafael, California
Date Closed	:	April 16, 2010
Assets	:	$628.9 million
Deposits	:	$487.6 million

Acquiring Bank	:	Union Bank, National Association - San Francisco, California
Assets Purchased	:	$628.9 million
Deposits Purchased	:	$487.6 million
Premium paid for acquiring deposits	:	2.0 percent
Loss Sharing Agreement with FDIC for assets	:	$522.3 million
Cost to the Deposit Insurance Fund	:	$81.1 million

Notes

Union Bank, N.A. paid the FDIC a premium of 2.0 percent to assume all of the deposits of Tamalpais Bank. In addition to assuming all of the deposits, Union Bank, N.A. agreed to purchase essentially all of the failed bank's assets.

# 48

Failed Bank	:	Innovative Bank - Oakland, California
Date Closed	:	April 16, 2010
Assets	:	$268.9 million
Deposits	:	$225.2 million

Acquiring Bank	:	Center Bank - Los Angeles, California
Assets Purchased	:	$268.9 million
Deposits Purchased	:	$225.2 million
Premium paid for acquiring deposits	:	0.5 percent
Loss Sharing Agreement with FDIC for assets	:	$178.1 million
Cost to the Deposit Insurance Fund	:	$37.8 million

Notes

Center Bank paid the FDIC a premium of 0.5 percent to assume all of the deposits of Innovative Bank. In addition to assuming all of the deposits, Center Bank agreed to purchase essentially all of the failed bank's assets.