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

# 127

Failed Bank	:	North County Bank - Arlington, Washington
Date Closed	:	September 24, 2010
Assets	:	$288.8 million
Deposits	:	$276.1 million

Acquiring Bank	:	Whidbey Island Bank - Coupeville, Washington
Assets Purchased	:	$288.8 million
Deposits Purchased	:	$276.1 million
Premium paid for acquiring deposits	:	2.0 percent
Loss Sharing Agreement with FDIC for assets	:	$221.9 million
Cost to the Deposit Insurance Fund	:	$72.8 million

Notes

As of June 30, 2010, North County Bank had approximately $288.8 million in total assets and $276.1 million in total deposits. Whidbey Island Bank will pay the FDIC a premium of 2.0 percent to assume all of the deposits of North County Bank. In addition to assuming all of the deposits of the failed bank, Whidbey Island Bank agreed to purchase essentially all of the assets.

# 126

Failed Bank	:	Haven Trust Bank Florida - Ponte Vedra Beach, Florida
Date Closed	:	September 24, 2010
Assets	:	$148.6 million
Deposits	:	$133.6 million

Acquiring Bank	:	First Southern Bank - Boca Raton, Florida
Assets Purchased	:	$148.6 million
Deposits Purchased	:	$133.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$127.3 million
Cost to the Deposit Insurance Fund	:	$31.9 million

Notes

As of June 30, 2010, Haven Trust Bank Florida had approximately $148.6 million in total assets and $133.6 million in total deposits. First Southern Bank did not pay the FDIC a premium for the deposits of Haven Trust Bank Florida. In addition to assuming all of the deposits of the failed bank, First Southern Bank agreed to purchase essentially all of the assets.

# 125

Failed Bank	:	Maritime Savings Bank - West Allis, Wisconsin
Date Closed	:	September 17, 2010
Assets	:	$350.5 million
Deposits	:	$248.1 million

Acquiring Bank	:	North Shore Bank, FSB - Brookfield, Wisconsin
Assets Purchased	:	$177.6 million
Deposits Purchased	:	$248.1 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$83.6 million

Notes

North Shore Bank, FSB did not pay the FDIC a premium to assume all of the deposits of Maritime Savings Bank. In addition to assuming all of the deposits of the failed bank, North Shore Bank, FSB agreed to purchase approximately $177.6 million of the failed bank's assets.

# 124

Failed Bank	:	The Peoples Bank - Winder, Georgia
Date Closed	:	September 17, 2010
Assets	:	$447.2 million
Deposits	:	$398.2 million

Acquiring Bank	:	Community & Southern Bank - Carrollton, Georgia
Assets Purchased	:	$447.2 million
Deposits Purchased	:	$398.2 million
Premium paid for acquiring deposits	:	1.25 percent
Loss Sharing Agreement with FDIC for assets	:	$602.5 million
Cost to the Deposit Insurance Fund	:	$98.9 million

Notes

Community & Southern Bank will pay the FDIC a premium of 1.25 percent to acquire all of the deposits of The Peoples Bank.

# 123

Failed Bank	:	Bramble Savings Bank - Milford, Ohio
Date Closed	:	September 17, 2010
Assets	:	$47.5 million
Deposits	:	$41.6 million

Acquiring Bank	:	Foundation Bank - Cincinnati, Ohio
Assets Purchased	:	$47.5 million
Deposits Purchased	:	$41.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$14.6 million

Notes

Foundation Bank did not pay the FDIC a premium to assume all of the deposits of Bramble Savings Bank. In addition to assuming all of the deposits of the failed bank, Foundation Bank agreed to purchase essentially all of the failed bank's assets.

# 122

Failed Bank	:	Bank of Ellijay - Ellijay, Georgia
Date Closed	:	September 17, 2010
Assets	:	$168.8 million
Deposits	:	$160.7 million

Acquiring Bank	:	Community & Southern Bank - Carrollton, Georgia
Assets Purchased	:	$168.8 million
Deposits Purchased	:	$160.7 million
Premium paid for acquiring deposits	:	1.0 percent
Loss Sharing Agreement with FDIC for assets	:	$602.5 million
Cost to the Deposit Insurance Fund	:	$55.2 million

Notes

Community & Southern Bank will pay the FDIC a premium of 1.0 percent to acquire all of the deposits of the Bank of Ellijay.

# 121

Failed Bank	:	First Commerce Community Bank - Douglasville, Georgia
Date Closed	:	September 17, 2010
Assets	:	$248.2 million
Deposits	:	$242.8 million

Acquiring Bank	:	Community & Southern Bank - Carrollton, Georgia
Assets Purchased	:	$248.2 million
Deposits Purchased	:	$242.8 million
Premium paid for acquiring deposits	:	1.0 percent
Loss Sharing Agreement with FDIC for assets	:	$602.5 million
Cost to the Deposit Insurance Fund	:	$71.4 million

Notes

Community & Southern Bank will pay the FDIC a premium of 1.0 percent to acquire all of the deposits of the First Commerce Community Bank. The FDIC and Community & Southern Bank entered into a loss-share transaction on approximately $602.5 million of the failed institutions' assets.

# 120

Failed Bank	:	ISN Bank - Cherry Hill, New Jersey
Date Closed	:	September 17, 2010
Assets	:	$81.6 million
Deposits	:	$79.7 million

Acquiring Bank	:	New Century Bank - Phoenixville, Pennsylvania
Assets Purchased	:	$81.6 million
Deposits Purchased	:	$79.7 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$64.8 million
Cost to the Deposit Insurance Fund	:	$23.9 million

Notes

New Century Bank did not pay the FDIC a premium to assume all of the deposits of ISN Bank. In addition to assuming all of the deposits of the failed bank, New Century Bank agreed to purchase essentially all of the failed bank's assets.

# 119

Failed Bank	:	Horizon Bank - Bradenton, Florida
Date Closed	:	September 10, 2010
Assets	:	$187.8 million
Deposits	:	$164.6 million

Acquiring Bank	:	Bank of the Ozarks - Little Rock, Arkansas
Assets Purchased	:	$187.8 million
Deposits Purchased	:	$164.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$150.4 million
Cost to the Deposit Insurance Fund	:	$58.9 million

Notes

As of June 30, 2010, Horizon Bank had approximately $187.8 million in total assets and $164.6 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium for the deposits of Horizon 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.

# 118

Failed Bank	:	Sonoma Valley Bank - Sonoma, California
Date Closed	:	August 20, 2010
Assets	:	$337.1 million
Deposits	:	$255.5 million

Acquiring Bank	:	Westamerica Bank - San Rafael, California
Assets Purchased	:	$337.1 million
Deposits Purchased	:	$255.5 million
Premium paid for acquiring deposits	:	2.0 percent
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$10.1 million

Notes

Westamerica Bank will pay the FDIC a premium of 2.0 percent to assume all of the deposits of Sonoma Valley Bank. In addition to assuming all of the deposits of the failed bank, Westamerica Bank agreed to purchase essentially all of the assets.