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

# 37

Failed Bank	:	State Bank of Aurora - Aurora, Minnesota
Date Closed	:	March 19, 2010
Assets	:	$28.2 million
Deposits	:	$27.8 million

Acquiring Bank	:	Northern State Bank - Ashland, Wisconsin
Assets Purchased	:	$28.2 million
Deposits Purchased	:	$27.8 million
Premium paid for acquiring deposits	:	0.5 percent
Loss Sharing Agreement with FDIC for assets	:	$21.3 million
Cost to the Deposit Insurance Fund	:	$4.2 million

Notes

Northern State Bank will pay the FDIC a premium of 0.5 percent to assume all of the deposits of State Bank of Aurora. In addition to assuming all of the deposits, Northern State Bank agreed to purchase essentially all of the failed bank's assets.

# 36

Failed Bank	:	First Lowndes Bank - Fort Deposit, Alabama
Date Closed	:	March 19, 2010
Assets	:	$137.2 million
Deposits	:	$131.1 million

Acquiring Bank	:	First Citizens Bank - Luverne, Alabama
Assets Purchased	:	$137.2 million
Deposits Purchased	:	$131.1 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$104.1 million
Cost to the Deposit Insurance Fund	:	$38.3 million

Notes

First Citizens Bank agreed to purchase essentially all of the failed bank's assets.

# 35

Failed Bank	:	Bank of Hiawassee - Hiawassee, Georgia
Date Closed	:	March 19, 2010
Assets	:	$377.8 million
Deposits	:	$339.6 million

Acquiring Bank	:	Citizens South Bank - Gastonia, North Carolina
Assets Purchased	:	$377.8 million
Deposits Purchased	:	$339.6 million
Premium paid for acquiring deposits	:	1.00 percent
Loss Sharing Agreement with FDIC for assets	:	$232.6 million
Cost to the Deposit Insurance Fund	:	$137.7 million

Notes

Citizens South Bank will pay the FDIC a premium of one percent to assume all of the deposits of Bank of Hiawassee. In addition to assuming all of the deposits of the failed bank, Citizens South Bank agreed to purchase essentially all of the assets.

# 34

Failed Bank	:	Appalachian Community Bank - Ellijay, Georgia
Date Closed	:	March 19, 2010
Assets	:	$1.01 billion
Deposits	:	$917.6 million

Acquiring Bank	:	Community & Southern Bank - Carrollton, Georgia
Assets Purchased	:	$1.01 billion
Deposits Purchased	:	$917.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$798.6 million
Cost to the Deposit Insurance Fund	:	$419.3 million

Notes

Community & Southern Bank agreed to purchase essentially all of the assets.

# 33

Failed Bank	:	Advanta Bank Corp. - Draper, Utah
Date Closed	:	March 19, 2010
Assets	:	$1.6 billion
Deposits	:	$1.5 billion

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	:	$635.6 million

Notes

The FDIC was unable to find another financial institution to take over the banking operations of Advanta Bank Corp.

# 32

Failed Bank	:	Century Security Bank - Duluth, Georgia
Date Closed	:	March 19, 2010
Assets	:	$96.5 million
Deposits	:	$94.0 million

Acquiring Bank	:	Bank of Upson - Thomaston, Georgia
Assets Purchased	:	$96.5 million
Deposits Purchased	:	$94.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$81.5 million
Cost to the Deposit Insurance Fund	:	$29.9 million

Notes

Bank of Upson agreed to purchase essentially all of the assets.

# 31

Failed Bank	:	American National Bank - Parma, Ohio
Date Closed	:	March 19, 2010
Assets	:	$70.3 million
Deposits	:	$66.8 million

Acquiring Bank	:	The National Bank and Trust Company - Wilmington, Ohio
Assets Purchased	:	$70.3 million
Deposits Purchased	:	$66.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$49.8 million
Cost to the Deposit Insurance Fund	:	$17.1 million

Notes

The National Bank and Trust Company agreed to purchase essentially all of the assets.

# 30

Failed Bank	:	Statewide Bank - Covington, Louisiana
Date Closed	:	March 12, 2010
Assets	:	$243.2 million
Deposits	:	$208.8 million

Acquiring Bank	:	Home Bank - Lafayette, Louisiana
Assets Purchased	:	$243.2 million
Deposits Purchased	:	$208.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$163.5 million
Cost to the Deposit Insurance Fund	:	$38.1 million

Notes

Home Bank agreed to purchase essentially all of the failed bank's assets.

# 29

Failed Bank	:	Old Southern Bank - Orlando, Florida
Date Closed	:	March 12, 2010
Assets	:	$315.6 million
Deposits	:	$319.7 million

Acquiring Bank	:	Centennial Bank - Conway, Arkansas
Assets Purchased	:	$315.6 million
Deposits Purchased	:	$319.7 million
Premium paid for acquiring deposits	:	1.00 percent
Loss Sharing Agreement with FDIC for assets	:	$282.7 million
Cost to the Deposit Insurance Fund	:	$94.6 million

Notes

Centennial Bank will pay the FDIC a premium of 1.00 percent to assume all of the deposits of Old Southern Bank. In addition to assuming all of the deposits, Centennial Bank agreed to purchase essentially all of the failed bank's assets.

# 28

Failed Bank	:	The Park Avenue Bank - New York, New York
Date Closed	:	March 12, 2010
Assets	:	$520.1 million
Deposits	:	$494.5 million

Acquiring Bank	:	Valley National Bank - Wayne, New Jersey
Assets Purchased	:	$520.1 million
Deposits Purchased	:	$494.5 million
Premium paid for acquiring deposits	:	0.15 percent
Loss Sharing Agreement with FDIC for assets	:	$379.8 million
Cost to the Deposit Insurance Fund	:	$50.7 million

Notes

Valley National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of The Park Avenue Bank. In addition to assuming all of the deposits of the failed bank, Valley National Bank agreed to purchase essentially all of the assets.