Banks Acquiring Failed Banks

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Banks failed in 2008

# 25

Failed Bank : Haven Trust Bank - Duluth, Georgia
Date Closed : December 12, 2008
Assets : $572 million
Deposits : $515 million
Acquiring Bank : Branch Banking & Trust (BB&T) - Winston-Salem, North Carolina
Assets Purchased : $55 million
Deposits Purchased : $515 million
Premium paid for acquiring deposits : $112,000
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $200 million
Notes BB&T agreed to assume all of the deposits for $112,000. In addition to assuming all of the failed bank's deposits, BB&T will purchase approximately $55 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 24

Failed Bank : Sanderson State Bank - Sanderson, Texas
Date Closed : December 12, 2008
Assets : $37 million
Deposits : $28 million
Acquiring Bank : The Pecos County State Bank - Fort Stockton, Texas
Assets Purchased : $3.8 million
Deposits Purchased : $27.9 million
Premium paid for acquiring deposits : 0.55 percent
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $12.5 million
Notes The Pecos County State Bank agreed to assume all of the deposits for a .55 percent premium. In addition to assuming all of the failed bank's deposits, The Pecos County State Bank will purchase approximately $3.8 million of assets, and have the option to purchase owned premises and equipment. The FDIC will retain the remaining assets for later disposition.

# 23

Failed Bank : First Georgia Community Bank - Jackson, Georgia
Date Closed : December 05, 2008
Assets : $238 million
Deposits : $197 million
Acquiring Bank : United Bank - Zebulon, Georgia
Assets Purchased : 0.6 million
Deposits Purchased : $197.4 million
Premium paid for acquiring deposits : 0.811 percent
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $72.2 million
Notes United Bank agreed to assume all the deposits for a .811 percent premium. In addition to assuming all of the failed bank's deposits, United Bank will purchase approximately $60.6 million of assets. The FDIC will retain the remaining assets for later disposition.

# 22

Failed Bank : PFF Bank and Trust - Pomona, California
Date Closed : November 21, 2008
Assets : $3.7 billion
Deposits : $2.4 billion
Acquiring Bank : U.S. Bank, National Association - Minneapolis, Minnesota
Assets Purchased : $3.7 billion
Deposits Purchased : $2.4 billion
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $1.6 billion
Cost to the Deposit Insurance Fund : $700 million
Notes As of September 30, 2008, Downey Savings had total assets of $12.8 billion and total deposits of $9.7 billion. PFF Bank had total assets of $3.7 billion and total deposits of $2.4 billion. Besides assuming all the deposits from the two California banks, U.S. Bank will purchase virtually all their assets. The FDIC will retain any remaining assets for later disposition.

# 21

Failed Bank : Downey Savings and Loan - Newport Beach, California
Date Closed : November 21, 2008
Assets : $12.8 billion
Deposits : $9.7 billion
Acquiring Bank : U.S. Bank, National Association - Minneapolis, Minnesota
Assets Purchased : $12.8 billion
Deposits Purchased : $9.7 billion
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $1.6 billion
Cost to the Deposit Insurance Fund : $1.4 billion
Notes As of September 30, 2008, Downey Savings had total assets of $12.8 billion and total deposits of $9.7 billion. PFF Bank had total assets of $3.7 billion and total deposits of $2.4 billion. Besides assuming all the deposits from the two California banks, U.S. Bank will purchase virtually all their assets. The FDIC will retain any remaining assets for later disposition.

# 20

Failed Bank : The Community Bank - Loganville, Georgia
Date Closed : November 21, 2008
Assets : $681 million
Deposits : $611 million
Acquiring Bank : Bank of Essex - Tappahannock, Virginia
Assets Purchased : $84.4 million
Deposits Purchased : $611.4 million
Premium paid for acquiring deposits : $3.2 million
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $240 million
Notes Bank of Essex purchased approximately $84.4 million of The Community Bank's assets, and did pay the FDIC a premium of $3.2 million for the right to assume the failed bank's deposits. The FDIC will retain the remaining assets for later disposition.

# 19

Failed Bank : Franklin Bank - SSB, Houston, Texas
Date Closed : November 07, 2008
Assets : $5.1 billion
Deposits : $3.7 billion
Acquiring Bank : Prosperity Bank - El Campo, Texas
Assets Purchased : $850 million
Deposits Purchased : $3.7 billion
Premium paid for acquiring deposits : 1.7 percent
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $1.6 billion
Notes Prosperity Bank agreed to assume all the deposits, including the brokered deposits, for a premium of 1.7 percent. In addition to assuming all of the failed bank's deposits, Prosperity Bank will purchase approximately $850 million of assets. The FDIC will retain the remaining assets for later disposition.

# 18

Failed Bank : Security Pacific Bank - Los Angeles, California
Date Closed : November 07, 2008
Assets : $561 million
Deposits : $450 million
Acquiring Bank : Pacific Western Bank - Los Angeles, California
Assets Purchased : $51.8 million
Deposits Purchased : $450.1 million
Premium paid for acquiring deposits : 2.0 percent
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $210 million
Notes Pacific Western agreed to assume all the deposits for a two percent premium. In addition to assuming all of the failed bank's deposits, Pacific Western will purchase approximately $51.8 million of assets. The FDIC will retain the remaining assets for later disposition.

# 17

Failed Bank : Freedom Bank - Bradenton, Florida
Date Closed : October 31, 2008
Assets : $287 million
Deposits : $254 million
Acquiring Bank : Fifth Third Bank - Grand Rapids, Michigan
Assets Purchased : $36 million
Deposits Purchased : $254 million
Premium paid for acquiring deposits : 1.16 percent
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $104 million
Notes Fifth Third agreed to assume all the deposits for a premium of 1.16 percent. In addition to assuming the failed bank's deposits, Fifth Third will purchase approximately $36 million of assets. The FDIC will retain the remaining assets for later disposition.

# 16

Failed Bank : Alpha Bank & Trust - Alpharetta, Georgia
Date Closed : October 24, 2008
Assets : $354 million
Deposits : $346 million
Acquiring Bank : Stearns Bank, National Association - St. Cloud, Minnesota
Assets Purchased : $38.9 million
Deposits Purchased : $326.3 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $158.1 million
Notes Stearns Bank, N.A. will purchase approximately $38.9 million of Alpha's assets. The FDIC will retain the remaining assets for later disposition.


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