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

Banks Acquiring Failed Banks

Enter Bank Name : Search

ALL 2011 2010 2009 2008 Big Banks Medium Banks Small Banks

Banks failed in 2010

# 87

Failed Bank	:	Bay National Bank - Baltimore, Maryland
Date Closed	:	July 09, 2010
Assets	:	$282.2 million
Deposits	:	$276.1 million

Acquiring Bank	:	Bay Bank, FSB - Lutherville, Maryland
Assets Purchased	:	$282.2 million
Deposits Purchased	:	$276.1 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$17.4 million

Notes

Bay Bank, FSB agreed to purchase essentially all of the assets of the failed bank.

# 86

Failed Bank	:	High Desert State Bank - Alburquerque, New Mexico
Date Closed	:	June 25, 2010
Assets	:	$80.3 million
Deposits	:	$81.0 million

Acquiring Bank	:	First American Bank - Artesia, New Mexico
Assets Purchased	:	$80.3 million
Deposits Purchased	:	$81.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$67.6 million
Cost to the Deposit Insurance Fund	:	$20.9 million

Notes

First American Bank did not pay the FDIC a premium for the deposits of High Desert State Bank. In addition to assuming all of the deposits of the failed bank, First American Bank agreed to purchase essentially all of the assets.

# 85

Failed Bank	:	First National Bank - Savannah, Georgia
Date Closed	:	June 25, 2010
Assets	:	$252.5 million
Deposits	:	$231.9 million

Acquiring Bank	:	The Savannah Bank, N.A. - Savannah, Georgia
Assets Purchased	:	0
Deposits Purchased	:	$231.9 million
Premium paid for acquiring deposits	:	0.11 percent
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$68.9 million

Notes

The Savannah Bank, N.A. will pay the FDIC a premium of 0.11 percent to assume all of the deposits of First National Bank. In addition to assuming all of the deposits of the failed bank, The Savannah Bank, N.A. agreed to purchase some of the assets. The FDIC as receiver will retain most of the assets from First National Bank for later disposition.

# 84

Failed Bank	:	Peninsula Bank - Englewood, Florida
Date Closed	:	June 25, 2010
Assets	:	$644.3 million
Deposits	:	$580.1 million

Acquiring Bank	:	Premier American Bank - Miami, Florida
Assets Purchased	:	$644.3 million
Deposits Purchased	:	$580.1 million
Premium paid for acquiring deposits	:
Loss Sharing Agreement with FDIC for assets	:	$437.6 million
Cost to the Deposit Insurance Fund	:	$194.8 million

Notes

Premier American Bank agreed to purchase essentially all of the assets.The 13 branches of Peninsula Bank will reopen during normal business hours on Saturday as branches of Premier American Bank.

# 83

Failed Bank	:	Nevada Security Bank - Reno, Nevada
Date Closed	:	June 18, 2010
Assets	:	$480.3 million
Deposits	:	$479.8 million

Acquiring Bank	:	Umpqua Bank - Roseburg, Oregon
Assets Purchased	:	$480.3 million
Deposits Purchased	:	$479.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$368.2 million
Cost to the Deposit Insurance Fund	:	$80.9 million

Notes

Umpqua Bank agreed to purchase essentially all of the assets.

# 82

Failed Bank	:	Washington First International Bank - Seattle, Washington
Date Closed	:	June 11, 2010
Assets	:	$520.9 million
Deposits	:	$441.4 million

Acquiring Bank	:	East West Bank - Pasadena, California
Assets Purchased	:	$501.0 million
Deposits Purchased	:	$441.4 million
Premium paid for acquiring deposits	:	0.5 percent
Loss Sharing Agreement with FDIC for assets	:	$418.8 million
Cost to the Deposit Insurance Fund	:	$158.4 million

Notes

East West Bank will pay the FDIC a premium of 0.5 percent to assume all of the deposits of Washington First International Bank. In addition to assuming all of the deposits of the failed bank, East West Bank agreed to purchase approximately $501.0 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 81

Failed Bank	:	TierOne Bank - Lincoln, Nebraska
Date Closed	:	June 04, 2010
Assets	:	$2.8 billion
Deposits	:	$2.1 billion

Acquiring Bank	:	Great Western Bank - Sioux Falls, South Dakota
Assets Purchased	:	$2.8 billion
Deposits Purchased	:	$2.1 billion
Premium paid for acquiring deposits	:	1.5 percent
Loss Sharing Agreement with FDIC for assets	:	$1.9 billion
Cost to the Deposit Insurance Fund	:	$297.8 million

Notes

Great Western Bank will pay the FDIC a premium of 1.5 percent to assume all of the deposits of TierOne Bank. In addition to assuming all of the deposits of the failed bank, Great Western Bank agreed to purchase essentially all of the assets.

# 80

Failed Bank	:	Arcola Homestead Savings Bank - Arcola, Illinois
Date Closed	:	June 04, 2010
Assets	:	$17.0 million
Deposits	:	$18.1 million

Acquiring Bank	:	FDIC - -
Assets Purchased	:	$18.1 million
Deposits Purchased	:	$17.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$3.2 million

Notes

FDIC Approves the Payout of the Insured Deposits of Arcola Homestead Savings Bank, Arcola, Illinois

# 79

Failed Bank	:	First National Bank - Rosedale, Mississippi
Date Closed	:	June 04, 2010
Assets	:	$60.4 million
Deposits	:	$63.5 million

Acquiring Bank	:	The Jefferson Bank - Fayette, Mississippi
Assets Purchased	:	$60.4 million
Deposits Purchased	:	$63.5 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$43.5 million
Cost to the Deposit Insurance Fund	:	$12.6 million

Notes

The Jefferson Bank did not pay the FDIC a premium for the deposits of First National Bank. In addition to assuming all of the deposits of the failed bank, The Jefferson Bank agreed to purchase essentially all of the assets.

# 78

Failed Bank	:	Sun West Bank - Las Vegas, Nevada
Date Closed	:	May 28, 2010
Assets	:	$360.7 million
Deposits	:	$353.9 million

Acquiring Bank	:	City National Bank - Los Angeles, California
Assets Purchased	:	$360.7 million
Deposits Purchased	:	$353.9 million
Premium paid for acquiring deposits	:	0.67 percent
Loss Sharing Agreement with FDIC for assets	:	$280.0 million
Cost to the Deposit Insurance Fund	:	$96.7 million

Notes

City National Bank will pay the FDIC a premium of 0.67 percent to assume all of the deposits of Sun West Bank. In addition to assuming all of the deposits of the failed bank, City National Bank agreed to purchase essentially all of the assets.