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

Banks Acquiring Failed Banks

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Banks failed in 2011

# 488

Failed Bank	:	Bank of Jackson County - Graceville, Florida
Date Closed	:	October 30, 2013
Assets	:	$25.5 million
Deposits	:	$25.0 million

Acquiring Bank	:	First Federal Bank of Florida - Lake City, Florida
Assets Purchased	:	$23.1 million
Deposits Purchased	:	$25.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$5.1 million

Notes

As of June 30, 2013 Bank of Jackson County had approximately $25.5 million in total assets and $25.0 million in total deposits. In addition to assuming all of the deposits of Bank of Jackson County, First Federal Bank of Florida agreed to purchase approximately $23.1 million of the failed bank?s assets. The FDIC will retain the remaining assets for later disposition.

# 487

Failed Bank	:	First National Bank - Edinburg, Texas
Date Closed	:	September 13, 2013
Assets	:	$3.1 billion
Deposits	:	$2.3 billion

Acquiring Bank	:	PlainsCapital Bank - Dallas, Texas
Assets Purchased	:	$2.7 billion
Deposits Purchased	:	$2.3 billion
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$1.8 billion
Cost to the Deposit Insurance Fund	:	$637.5 million

Notes

As of June 30, 2013, First National Bank had approximately $3.1 billion in total assets and $2.3 billion in total deposits. In addition to assuming all of the deposits of First National Bank, PlainsCapital Bank agreed to purchase approximately $2.7 billion of First National Bank's assets. The FDIC will retain the remaining assets for later disposition.

# 486

Failed Bank	:	The Community's Bank - Bridgeport, Connecticut
Date Closed	:	September 13, 2013
Assets	:	$26.3 million
Deposits	:	$25.7 million

Acquiring Bank	:	No Acquirer - -
Assets Purchased	:	-
Deposits Purchased	:	-
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$7.8 million

Notes

As of June 30, 2013, The Community's Bank had approximately $26.3 million in total assets and $25.7 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.

# 485

Failed Bank	:	Sunrise Bank of Arizona - Phoenix, Arizona
Date Closed	:	August 23, 2013
Assets	:	$202.2 million
Deposits	:	$196.9 million

Acquiring Bank	:	First Fidelity Bank, National Association - Oklahoma City, Oklahoma
Assets Purchased	:	$202.2 million
Deposits Purchased	:	$196.9 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$17.0 million

Notes

As of June 30, 2013, Sunrise Bank of Arizona had approximately $202.2 million in total assets and $196.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Fidelity Bank, National Association agreed to purchase essentially all of the assets.

# 484

Failed Bank	:	Community South Bank - Parsons, Tennessee
Date Closed	:	August 23, 2013
Assets	:	$386.9 million
Deposits	:	$377.7 million

Acquiring Bank	:	CB&S Bank, Inc - Russellville, Alabama
Assets Purchased	:	$121.7 million
Deposits Purchased	:	$377.7 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$72.5 million

Notes

As of June 30, 2013, Community South Bank had approximately $386.9 million in total assets and $377.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, CB&S Bank, Inc. agreed to purchase approximately $121.7 million of the failed bank?s assets. The FDIC will retain the remaining assets for later disposition.

# 483

Failed Bank	:	Bank of Wausau - Wausau, Wisconsin
Date Closed	:	August 09, 2013
Assets	:	$43.6 million
Deposits	:	$40.7 million

Acquiring Bank	:	Nicolet National Bank - Green Bay, Wisconsin
Assets Purchased	:	$29.9 million
Deposits Purchased	:	$40.7 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$13.5 million

Notes

As of June 30, 2013, Bank of Wausau had approximately $43.6 million in total assets and $40.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Nicolet National Bank agreed to purchase approximately $29.9 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 482

Failed Bank	:	First Community Bank of Southwest Florida - Fort Myers, Florida
Date Closed	:	August 02, 2013
Assets	:	$265.7 million
Deposits	:	$254.2 million

Acquiring Bank	:	C1 Bank - Saint Petersburg, Florida
Assets Purchased	:	$265.7 million
Deposits Purchased	:	$254.2 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$27.1 million

Notes

As of March 31, 2013, First Community Bank of Southwest Florida had approximately $265.7 million in total assets and $254.2 million in total deposits.

# 481

Failed Bank	:	Mountain National Bank, Sevierville - Sevierville, Tennessee
Date Closed	:	June 07, 2013
Assets	:	$437.3 million
Deposits	:	$373.4 million

Acquiring Bank	:	First Tennessee Bank, National Association - Memphis, Tennessee
Assets Purchased	:	$437.3 million
Deposits Purchased	:	$373.4 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$33.5 million

Notes

As of March 31, 2013, Mountain National Bank had approximately $437.3 million in total assets and $373.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Tennessee Bank, National Association agreed to purchase essentially all of the failed bank's assets.

# 480

Failed Bank	:	1st Commerce Bank North Las Vegas NV - North Las Vegas, Nevada
Date Closed	:	June 06, 2013
Assets	:	$20.2 million
Deposits	:	$19.6 million

Acquiring Bank	:	Plaza Bank - Irvine, California
Assets Purchased	:	$20.2 million
Deposits Purchased	:	$19.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$12.2 million
Cost to the Deposit Insurance Fund	:	$9.4 million

Notes

As of March 31, 2013, 1st Commerce Bank had approximately $20.2 million in total assets and $19.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Plaza Bank agreed to purchase essentially all of the failed bank's assets.

# 479

Failed Bank	:	Banks of Wisconsin - Kenosha, Wisconsin
Date Closed	:	May 31, 2013
Assets	:	$134.0 million
Deposits	:	$127.6 million

Acquiring Bank	:	North Shore Bank, FSB - Brookfield, Wisconsin
Assets Purchased	:	$97.4 million
Deposits Purchased	:	$127.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$26.3 million

Notes

As of March 31, 2013, Banks of Wisconsin had approximately $134.0 million in total assets and $127.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, North Shore Bank, FSB agreed to purchase approximately $97.4 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.