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

# 77

Failed Bank	:	Granite Community Bank, N.A. - Granite Bay, California
Date Closed	:	May 28, 2010
Assets	:	$102.9 million
Deposits	:	$94.2 million

Acquiring Bank	:	Tri Counties Bank - Chico, California
Assets Purchased	:	$102.9 million
Deposits Purchased	:	$94.2 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$89.3 million
Cost to the Deposit Insurance Fund	:	$17.3 million

Notes

Tri Counties Bank did not pay the FDIC a premium for the deposits of Granite Community Bank, N.A. In addition to assuming all of the deposits of the failed bank, Tri Counties Bank agreed to purchase essentially all of the assets.

# 76

Failed Bank	:	Bank of Florida - Tampa - Tampa, Florida
Date Closed	:	May 28, 2010
Assets	:	$245.2 million
Deposits	:	$224.0 million

Acquiring Bank	:	Everbank - Jacksonville, Florida
Assets Purchased	:	$245.2 million
Deposits Purchased	:	$224.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$210.8 million
Cost to the Deposit Insurance Fund	:	$40.3 million

Notes

Besides assuming all the deposits from the three Florida banks, EverBank will purchase essentially all of their assets.

# 75

Failed Bank	:	Bank of Florida - Southwest - Naples, Florida
Date Closed	:	May 28, 2010
Assets	:	$640.9 million
Deposits	:	$559.9 million

Acquiring Bank	:	Everbank - Jacksonville, Florida
Assets Purchased	:	$640.9 million
Deposits Purchased	:	$559.9 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$568.1 million
Cost to the Deposit Insurance Fund	:	$91.3 million

Notes

Besides assuming all the deposits from the three Florida banks, EverBank will purchase essentially all of their assets.

# 74

Failed Bank	:	Bank of Florida - Southeast - Fort Lauderdale, Florida
Date Closed	:	May 28, 2010
Assets	:	$595.3 million
Deposits	:	$531.7 million

Acquiring Bank	:	Everbank - Jacksonville, Florida
Assets Purchased	:	$595.3 million
Deposits Purchased	:	$531.7 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$437.3 million
Cost to the Deposit Insurance Fund	:	$71.4 million

Notes

Besides assuming all the deposits from the three Florida banks, EverBank will purchase essentially all of their assets.

# 73

Failed Bank	:	Pinehurst Bank - Saint Paul, Minnesota
Date Closed	:	May 21, 2010
Assets	:	$61.2 million
Deposits	:	$58.3 million

Acquiring Bank	:	Coulee Bank - La Crosse, Wisconsin
Assets Purchased	:	$61.2 million
Deposits Purchased	:	$58.3 million
Premium paid for acquiring deposits	:	1.33 percent
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$6.0 million

Notes

Coulee Bank will pay the FDIC a premium of 1.33 percent to assume all of the deposits of Pinehurst Bank. In addition to assuming all of the deposits of the failed bank, Coulee Bank agreed to purchase essentially all of the assets.

# 72

Failed Bank	:	Midwest Bank and Trust Company - Elmwood Park, Illinois
Date Closed	:	May 14, 2010
Assets	:	$3.17 billion
Deposits	:	$2.42 billion

Acquiring Bank	:	Firstmerit Bank, National Association - Akron, Ohio
Assets Purchased	:	$3.17 billion
Deposits Purchased	:	$2.42 billion
Premium paid for acquiring deposits	:	0.4 percent
Loss Sharing Agreement with FDIC for assets	:	$2.27 billion
Cost to the Deposit Insurance Fund	:	$216.4 million

Notes

Firstmerit Bank, National Association will pay the FDIC a premium of 0.4 percent to assume all of the deposits of Midwest Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, Firstmerit Bank, National Association agreed to purchase essentially all of the assets.

# 71

Failed Bank	:	Southwest Community Bank - Springfield, Missouri
Date Closed	:	May 14, 2010
Assets	:	$96.6 million
Deposits	:	$102.5 million

Acquiring Bank	:	Simmons First National Bank - Pine Bluff, Arkansas
Assets Purchased	:	$96.6 million
Deposits Purchased	:	$102.5 million
Premium paid for acquiring deposits	:	0.50 percent
Loss Sharing Agreement with FDIC for assets	:	$66.8 million
Cost to the Deposit Insurance Fund	:	$29.0 million

Notes

Simmons First National Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Southwest Community Bank. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.

# 70

Failed Bank	:	New Liberty Bank - Plymouth, Michigan
Date Closed	:	May 14, 2010
Assets	:	$109.1 million
Deposits	:	$101.8 million

Acquiring Bank	:	Bank of Ann Arbor - Ann Arbor, Michigan
Assets Purchased	:	$109.1 million
Deposits Purchased	:	$101.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$95.2 million
Cost to the Deposit Insurance Fund	:	$25.0 million

Notes

Bank of Ann Arbor agreed to purchase essentially all of the assets.

# 69

Failed Bank	:	Satilla Community Bank - Saint Marys, Georgia
Date Closed	:	May 14, 2010
Assets	:	$135.7 million
Deposits	:	$134.0 million

Acquiring Bank	:	Ameris Bank - Moultrie, Georgia
Assets Purchased	:	$135.7 million
Deposits Purchased	:	$134.0 million
Premium paid for acquiring deposits	:	0.19 percent
Loss Sharing Agreement with FDIC for assets	:	$101.0 million
Cost to the Deposit Insurance Fund	:	$31.3 million

Notes

Ameris Bank will pay the FDIC a premium of 0.19 percent to assume all of the deposits of Satilla Community Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.

# 68

Failed Bank	:	1st Pacific Bank of California - San Diego, California
Date Closed	:	May 07, 2010
Assets	:	$335.8 million
Deposits	:	$291.2 million

Acquiring Bank	:	City National Bank - Los Angeles, California
Assets Purchased	:	$335.8 million
Deposits Purchased	:	$291.2 million
Premium paid for acquiring deposits	:	1.62 percent
Loss Sharing Agreement with FDIC for assets	:	$275.7 million
Cost to the Deposit Insurance Fund	:	$87.7 million

Notes

City National Bank will pay the FDIC a premium of 1.62 percent to assume all of the deposits of 1st Pacific Bank of California. In addition to assuming all of the deposits of the failed bank, City National Bank agreed to purchase essentially all of the assets.