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

Banks Acquiring Failed Banks

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Banks failed in 2010

# 157

Failed Bank	:	Community National Bank - Lino Lakes, Minnesota
Date Closed	:	December 17, 2010
Assets	:	$31.6 million
Deposits	:	$28.8 million

Acquiring Bank	:	Farmers & Merchants Savings Bank - Manchester, Iowa
Assets Purchased	:	$31.6 million
Deposits Purchased	:	$28.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$3.7 million

Notes

As of September 30, 2010, Community National Bank had approximately $31.6 million in total assets and $28.8 million in total deposits. Farmers & Merchants Savings Bank did not pay the FDIC a premium for the deposits of Community National Bank In addition to assuming all of the deposits of the failed bank, Farmers & Merchants Savings Bank agreed to purchase essentially all of the assets.

# 156

Failed Bank	:	First Southern Bank - Batesville, Arkansas
Date Closed	:	December 17, 2010
Assets	:	$191.8 million
Deposits	:	$155.8 million

Acquiring Bank	:	Southern Bank - Poplar Bluff, Missouri
Assets Purchased	:	$152.8 million
Deposits Purchased	:	$155.8 million
Premium paid for acquiring deposits	:	0.25 percent
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$22.8 million

Notes

As of September 30, 2010, First Southern Bank had approximately $191.8 million in total assets and $155.8 million in total deposits. Southern Bank paid the FDIC a premium of 0.25 percent to assume all of the deposits of First Southern Bank. In addition to assuming all of the deposits of the failed bank, Southern Bank agreed to purchase approximately $152.8 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 155

Failed Bank	:	United Americas Bank, N.A. - Atlanta, Georgia
Date Closed	:	December 17, 2010
Assets	:	$242.3 million
Deposits	:	$193.8 million

Acquiring Bank	:	State Bank and Trust Company - Macon, Georgia
Assets Purchased	:	$242.3 million
Deposits Purchased	:	$193.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$195.8 million
Cost to the Deposit Insurance Fund	:	$75.8 million

Notes

As of September 30, 2010, United Americas Bank, N.A. had approximately $242.3 million in total assets and $193.8 million in total deposits. State Bank and Trust Company did not pay the FDIC a premium for the deposits of United Americas Bank, N.A. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the assets.

# 154

Failed Bank	:	Chestatee State Bank - Dawsonville, Georgia
Date Closed	:	December 17, 2010
Assets	:	$244.4 million
Deposits	:	$240.5 million

Acquiring Bank	:	Bank of the Ozarks - Little Rock, Arkansas
Assets Purchased	:	$244.4 million
Deposits Purchased	:	$240.5 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$195.3 million
Cost to the Deposit Insurance Fund	:	$75.3 million

Notes

As of September 30, 2010, Chestatee State Bank had approximately $244.4 million in total assets and $240.5 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium for the deposits of Chestatee State Bank. In addition to assuming all of the deposits of the failed bank, Bank of the Ozarks agreed to purchase essentially all of the assets.

# 153

Failed Bank	:	Bank of Miami, N.A. - Coral Gables, Florida
Date Closed	:	December 17, 2010
Assets	:	$448.2 million
Deposits	:	$374.2 million

Acquiring Bank	:	1st United Bank - Boca Raton, Florida
Assets Purchased	:	$442.3 million
Deposits Purchased	:	$374.2 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$313.5 million
Cost to the Deposit Insurance Fund	:	$64.0 million

Notes

As of September 30, 2010, The Bank of Miami, N.A. had approximately $448.2 million in total assets and $374.2 million in total deposits. 1st United Bank did not pay the FDIC a premium for the deposits of The Bank of Miami, N.A. In addition to assuming all of the deposits of the failed bank, 1st United Bank agreed to purchase approximately $442.3 million of the failed bank's assets.

# 152

Failed Bank	:	Appalachian Community Bank, FSB - McCaysville, Georgia
Date Closed	:	December 17, 2010
Assets	:	$68.2 million
Deposits	:	$76.4 million

Acquiring Bank	:	Peoples Bank of East Tennessee - Madisonville, Tennessee
Assets Purchased	:	$67.5 million
Deposits Purchased	:	$76.4 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$46.4 million
Cost to the Deposit Insurance Fund	:	$26.0 million

Notes

As of September 30, 2010, Appalachian Community Bank, F.S.B. had approximately $68.2 million in total assets and $76.4 million in total deposits. Peoples Bank of East Tennessee did not pay the FDIC a premium for the deposits of Appalachian Community Bank, F.S.B. In addition to assuming all of the deposits of the failed bank, Peoples Bank of East Tennessee agreed to purchase approximately $67.5 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 151

Failed Bank	:	Earthstar Bank - Southampton, Pennsylvania
Date Closed	:	December 10, 2010
Assets	:	$112.6 million
Deposits	:	$104.5 million

Acquiring Bank	:	Polonia Bank - Huntingdon Valley, Pennsylvania
Assets Purchased	:	$77.1 million
Deposits Purchased	:	$104.5 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$45.8 million
Cost to the Deposit Insurance Fund	:	$22.9 million

Notes

As of September 30, 2010, Earthstar Bank had approximately $112.6 million in total assets and $104.5 million in total deposits. Polonia Bank did not pay the FDIC a premium for the deposits of Earthstar Bank. In addition to assuming all of the deposits of the failed bank, Polonia Bank agreed to purchase approximately $77.1 million of the failed bank's assets. The FDIC will retain most of the assets for later disposition.

# 150

Failed Bank	:	Paramount Bank - Farmington Hills, Michigan
Date Closed	:	December 10, 2010
Assets	:	$252.7 million
Deposits	:	$213.6 million

Acquiring Bank	:	Level One Bank - Farmington Hills, Michigan
Assets Purchased	:	$252.7 million
Deposits Purchased	:	$213.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$233.1 million
Cost to the Deposit Insurance Fund	:	$90.2 million

Notes

As of September 30, 2010, Paramount Bank had approximately $252.7 million in total assets and $213.6 million in total deposits. Level One Bank did not pay the FDIC a premium for the deposits of Paramount Bank. In addition to assuming all of the deposits of the failed bank, Level One Bank agreed to purchase essentially all of the assets.

# 149

Failed Bank	:	First Banking Center - Burlington, Wisconsin
Date Closed	:	November 19, 2010
Assets	:	$750.7 million
Deposits	:	$664.8 million

Acquiring Bank	:	First Michigan Bank - Troy, Michigan
Assets Purchased	:	$750.7 million
Deposits Purchased	:	$664.8 million
Premium paid for acquiring deposits	:	0.50 percent
Loss Sharing Agreement with FDIC for assets	:	$515.6 million
Cost to the Deposit Insurance Fund	:	$142.6 million

Notes

As of September 30, 2010, First Banking Center had approximately $750.7 million in total assets and $664.8 million in total deposits. First Michigan Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Banking Center. In addition to assuming all of the deposits of the failed bank, First Michigan Bank agreed to purchase essentially all of the failed bank's assets.

# 148

Failed Bank	:	Allegiance Bank of North America - Bala Cynwyd, Pennsylvania
Date Closed	:	November 19, 2010
Assets	:	$106.6 million
Deposits	:	$92.0 million

Acquiring Bank	:	VIST Bank - Wyomissing, Pennsylvania
Assets Purchased	:	$106.6 million
Deposits Purchased	:	$92.0 million
Premium paid for acquiring deposits	:	0.50 percent
Loss Sharing Agreement with FDIC for assets	:	$86.2 million
Cost to the Deposit Insurance Fund	:	$14.2 million

Notes

As of September 30, 2010, Allegiance Bank of North America had approximately $106.6 million in total assets and $92.0 million in total deposits. VIST Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Allegiance Bank of North America. In addition to assuming all of the deposits of the Allegiance Bank of North America, VIST Bank agreed to purchase essentially all of the assets.