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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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