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

# 17

Failed Bank	:	Marco Community Bank - Marco Island, Florida
Date Closed	:	February 19, 2010
Assets	:	$119.6 million
Deposits	:	$117.1 million

Acquiring Bank	:	Mutual of Omaha Bank - Omaha, Nebraska
Assets Purchased	:	$119.6 million
Deposits Purchased	:	$117.1 million
Premium paid for acquiring deposits	:	1.5 percent
Loss Sharing Agreement with FDIC for assets	:	$104.8 million
Cost to the Deposit Insurance Fund	:	$38.1 million

Notes

Mutual of Omaha Bank will pay the FDIC a premium of 1.5 percent to assume all of the deposits of Marco Community Bank. In addition to assuming all of the deposits of the failed bank, Mutual of Omaha Bank agreed to purchase essentially all of the assets.

# 16

Failed Bank	:	1st American State Bank of Minnesota - Hancock, Minnesota
Date Closed	:	February 05, 2010
Assets	:	$18.2 million
Deposits	:	$16.3 million

Acquiring Bank	:	Community Development Bank, FSB - Ogema, Minnesota
Assets Purchased	:	$18.2 million
Deposits Purchased	:	$16.3 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$11.7 million
Cost to the Deposit Insurance Fund	:	$3.1 million

Notes

Community Development Bank, FSB agreed to purchase essentially all of the failed bank's assets.

# 15

Failed Bank	:	American Marine Bank - Bainbridge Island, Washington
Date Closed	:	January 29, 2010
Assets	:	$373.2 million
Deposits	:	$308.5 million

Acquiring Bank	:	Columbia State Bank - Tacoma, Washington
Assets Purchased	:	$373.2 million
Deposits Purchased	:	$308.5 million
Premium paid for acquiring deposits	:	1.0 percent
Loss Sharing Agreement with FDIC for assets	:	$255.1 million
Cost to the Deposit Insurance Fund	:	$58.9 million

Notes

Columbia State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of American Marine Bank. In addition to assuming all of the deposits of the failed bank, Columbia State Bank agreed to purchase essentially all of the assets.

# 14

Failed Bank	:	First Regional Bank - Los Angeles, California
Date Closed	:	January 29, 2010
Assets	:	$2.18 billion
Deposits	:	$1.87 billion

Acquiring Bank	:	First-Citizens Bank & Trust Company - Raleigh, North Carolina
Assets Purchased	:	$2.17 billion
Deposits Purchased	:	$1.87 billion
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$2 billion
Cost to the Deposit Insurance Fund	:	$825.5 million

Notes

First-Citizens Bank & Trust Company agreed to purchase approximately $2.17 billion of the First Regional Bank's assets. The FDIC retained the remaining assets for later disposition.

# 13

Failed Bank	:	Community Bank and Trust - Cornelia, Georgia
Date Closed	:	January 29, 2010
Assets	:	$1.21 billion
Deposits	:	$1.11 billion

Acquiring Bank	:	SCBT, N.A. - Orangeburg, South Carolina
Assets Purchased	:	$1.21 billion
Deposits Purchased	:	$1.11 billion
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$827.7 million
Cost to the Deposit Insurance Fund	:	$354.5 million

Notes

SCBT, N.A. agreed to purchase essentially all of the failed bank's assets.

# 12

Failed Bank	:	Marshall Bank, N.A. - Hallock, Minnesota
Date Closed	:	January 29, 2010
Assets	:	$59.9 million
Deposits	:	$54.7 million

Acquiring Bank	:	United Valley Bank - Cavalier, North Dakota
Assets Purchased	:	$59.9 million
Deposits Purchased	:	$54.7 million
Premium paid for acquiring deposits	:	7.35 percent
Loss Sharing Agreement with FDIC for assets	:	$23.9 million
Cost to the Deposit Insurance Fund	:	$4.1 million

Notes

United Valley Bank will pay the FDIC a premium of 7.35 percent to assume all of the deposits of Marshall Bank, N.A. In addition to assuming all of the deposits, United Valley Bank agreed to purchase essentially all of the failed bank's assets.

# 11

Failed Bank	:	Florida Community Bank - Immokalee, Florida
Date Closed	:	January 29, 2010
Assets	:	$875.5 million
Deposits	:	$795.5 million

Acquiring Bank	:	Premier American Bank, National Association - Miami, Florida
Assets Purchased	:	$499.1 million
Deposits Purchased	:	$795.5 million
Premium paid for acquiring deposits	:	0.4 percent
Loss Sharing Agreement with FDIC for assets	:	$305.4 million
Cost to the Deposit Insurance Fund	:	$352.6 million

Notes

Premier American Bank, N.A. will pay the FDIC a premium of 0.4 percent to assume all of the deposits of Florida Community Bank. In addition to assuming all of the deposits of the failed bank, Premier American Bank, N.A. agreed to purchase approximately $499.1 million of the failed bank?s assets. The FDIC will retain the remaining assets for later disposition.

# 10

Failed Bank	:	First National Bank of Georgia - Carrollton, Georgia
Date Closed	:	January 29, 2010
Assets	:	$832.6 million
Deposits	:	$757.9 million

Acquiring Bank	:	Community & Southern Bank - Carrollton, Georgia
Assets Purchased	:	$832.6 million
Deposits Purchased	:	$757.9 million
Premium paid for acquiring deposits	:	1.25 percent
Loss Sharing Agreement with FDIC for assets	:	$607.4 million
Cost to the Deposit Insurance Fund	:	$260.4 million

Notes

Community & Southern Bank will pay the FDIC a premium of 1.25 percent to assume all of the deposits of First National Bank of Georgia. In addition to assuming all of the deposits of the failed bank, Community & Southern Bank agreed to purchase essentially all of the assets.

# 9

Failed Bank	:	Columbia River Bank - The Dalles, Oregon
Date Closed	:	January 22, 2010
Assets	:	$1.1 billion
Deposits	:	$1.0 billion

Acquiring Bank	:	Columbia State Bank - Tacoma, Washington
Assets Purchased	:	$1.1 billion
Deposits Purchased	:	$1.0 billion
Premium paid for acquiring deposits	:	1.0 percent
Loss Sharing Agreement with FDIC for assets	:	$697.4 million
Cost to the Deposit Insurance Fund	:	$172.5 million

Notes

Columbia State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Columbia River Bank. In addition to assuming all of the deposits of the failed bank, Columbia State Bank agreed to purchase essentially all of the assets.

# 8

Failed Bank	:	Evergreen Bank - Seattle, Washington
Date Closed	:	January 22, 2010
Assets	:	$488.5 million
Deposits	:	$439.4 million

Acquiring Bank	:	Umpqua Bank - Roseburg, Oregon
Assets Purchased	:	$488.5 million
Deposits Purchased	:	$439.4 million
Premium paid for acquiring deposits	:	1.0 percent
Loss Sharing Agreement with FDIC for assets	:	$379.5 million
Cost to the Deposit Insurance Fund	:	$64.2 million

Notes

Umpqua Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Evergreen Bank. In addition to assuming all of the deposits of the failed bank, Umpqua Bank agreed to purchase essentially all of the assets.