Banks Acquiring Failed Banks

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Banks failed in 2010

# 47

Failed Bank : Butler Bank - Lowell, Massachusetts
Date Closed : April 16, 2010
Assets : $268.0 million
Deposits : $233.2 million
Acquiring Bank : Peoples United Bank - Bridgeport, Connecticut
Assets Purchased : $268.0 million
Deposits Purchased : $233.2 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $206.1 million
Cost to the Deposit Insurance Fund : $22.9 million
Notes People's United Bank agreed to purchase essentially all of the failed bank's assets.

# 46

Failed Bank : Riverside National Bank of Florida - Fort Pierce, Florida
Date Closed : April 16, 2010
Assets : $3.42 billion
Deposits : $2.76 billion
Acquiring Bank : TD Bank, National Association - Wilmington, Delaware
Assets Purchased : $3.42 billion
Deposits Purchased : $2.76 billion
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $2.20 billion
Cost to the Deposit Insurance Fund : $491.8 million
Notes TD Bank, National Association, Wilmington, DE has agreed to assume all deposits, excluding certain brokered deposits

# 45

Failed Bank : AmericanFirst Bank - Clermont, Florida
Date Closed : April 16, 2010
Assets : $90.5 million
Deposits : $81.9 million
Acquiring Bank : TD Bank, National Association - Wilmington, Delaware
Assets Purchased : $90.5 million
Deposits Purchased : $81.9 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $10.5 million
Notes TD Bank, National Association, Wilmington, DE has agreed to assume all deposits, excluding certain brokered deposits.

# 44

Failed Bank : First Federal Bank of North Florida - Palatka, Florida
Date Closed : April 16, 2010
Assets : $393.3 million
Deposits : $324.2 million
Acquiring Bank : TD Bank, National Association - Wilmington, Delaware
Assets Purchased : $393.3 million
Deposits Purchased : $324.2 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $6.0 million
Notes TD Bank, National Association, Wilmington, DE has agreed to assume all deposits.

# 43

Failed Bank : Lakeside Community Bank - Sterling Heights, Michigan
Date Closed : April 16, 2010
Assets : $53.0 million
Deposits : $52.3 million
Acquiring Bank : FDIC - -
Assets Purchased : -
Deposits Purchased : -
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $11.2 million
Notes FDIC Approves The Payout Of The Insured Deposits Of Lakeside Community Bank, Sterling Heights, Michigan. The FDIC was unable to find another financial institution to take over the banking operations of Lakeside Community Bank.

# 42

Failed Bank : Beach First National Bank - Myrtle Beach, South Carolina
Date Closed : April 09, 2010
Assets : $585.1 million
Deposits : $516.0 million
Acquiring Bank : Bank of North Carolina - Thomasville, North Carolina
Assets Purchased : $585.1 million
Deposits Purchased : $516.0 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $497.9 million
Cost to the Deposit Insurance Fund : $130.3 million
Notes Bank of North Carolina agreed to purchase essentially all of the assets.

# 41

Failed Bank : Desert Hills Bank - Phoenix, Arizona
Date Closed : March 26, 2010
Assets : $496.6 million
Deposits : $426.5 million
Acquiring Bank : New York Community Bank - Westbury, New York
Assets Purchased : $496.6 million
Deposits Purchased : $426.5 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $325.9 million
Cost to the Deposit Insurance Fund : $106.7 million
Notes New York Community Bank agreed to purchase essentially all of the failed bank's assets.

# 40

Failed Bank : Unity National Bank - Cartersville, Georgia
Date Closed : March 26, 2010
Assets : $292.2 million
Deposits : $264.3 million
Acquiring Bank : Bank of the Ozarks - Little Rock, Arkansas
Assets Purchased : $292.2 million
Deposits Purchased : $264.3 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $206.1 million
Cost to the Deposit Insurance Fund : $67.2 million
Notes Bank of the Ozarks agreed to purchase essentially all of the failed bank's assets.

# 39

Failed Bank : Key West Bank - Key West, Florida
Date Closed : March 26, 2010
Assets : $88.0 million
Deposits : $67.7 million
Acquiring Bank : Centennial Bank - Conway, Arkansas
Assets Purchased : $88.0 million
Deposits Purchased : $67.7 million
Premium paid for acquiring deposits : 0.50 percent
Loss Sharing Agreement with FDIC for assets : $75.8 million
Cost to the Deposit Insurance Fund : $23.1 million
Notes Centennial Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Key West Bank. In addition to assuming all of the deposits, Centennial Bank agreed to purchase essentially all of the failed bank's assets.

# 38

Failed Bank : McIntosh Commercial Bank - Carrollton, Georgia
Date Closed : March 26, 2010
Assets : $362.9 million
Deposits : $343.3 million
Acquiring Bank : CharterBank - West Point, Georgia
Assets Purchased : $362.9 million
Deposits Purchased : $343.3 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $263.1 million
Cost to the Deposit Insurance Fund : $123.3 million
Notes CharterBank agreed to purchase essentially all of the failed bank's assets.


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