Portal Seven | Banks Acquiring Failed Banks

Banks Acquiring Failed Banks

Enter Bank Name : Search

ALL 2009 Banks 2008 Banks Big Banks Medium Banks Small Banks

Banks failed in 2009

# 140

Failed Bank	:	First Federal Bank of California, F.S.B. - Santa Monica, California
Date Closed	:	December 18, 2009
Assets	:	$6.1 billion
Deposits	:	$4.5 billion

Acquiring Bank	:	OneWest Bank, FSB - Pasadena, California
Assets Purchased	:	$6.1 billion
Deposits Purchased	:	$4.5 billion
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$5.3 billion
Cost to the Deposit Insurance Fund	:	$146.3 million

Notes

OneWest Bank, FSB agreed to purchase essentially all of the assets.

# 139

Failed Bank	:	Imperial Capital Bank - La Jolla, California
Date Closed	:	December 18, 2009
Assets	:	$4.0 billion
Deposits	:	$2.8 billion

Acquiring Bank	:	City National Bank - Los Angeles, California
Assets Purchased	:	$3.3 billion
Deposits Purchased	:	$2.8 billion
Premium paid for acquiring deposits	:	0.24 percent
Loss Sharing Agreement with FDIC for assets	:	$2.5 billion
Cost to the Deposit Insurance Fund	:	$619.2 million

Notes

City National Bank paid the FDIC a .24 percent premium for the right to assume all of the deposits of Imperial Capital Bank.City National Bank agreed to purchase $3.3 billion of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 138

Failed Bank	:	Independent Bankers Bank - Springfield, Illinois
Date Closed	:	December 18, 2009
Assets	:	$585.5 million
Deposits	:	$511.5 million

Acquiring Bank	:	Independent Bankers Bank Bridge Bank, N.A. - -
Assets Purchased	:	-
Deposits Purchased	:	-
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$68.4 million

Notes

FDIC Creates Independent Bankers' Bank Bridge Bank, N.A. to Take Over Operations of Independent Bankers' Bank, Springfield, Illinois.

# 137

Failed Bank	:	New South Federal Savings Bank - Irondale, Alabama
Date Closed	:	December 18, 2009
Assets	:	$1.5 billion
Deposits	:	$1.2 billion

Acquiring Bank	:	Beal Bank - Plano, Texas
Assets Purchased	:	$1.5 billion
Deposits Purchased	:	$1.2 billion
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$1.2 billion
Cost to the Deposit Insurance Fund	:	$212.3 million

Notes

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

# 136

Failed Bank	:	Citizens State Bank - New Baltimore, Michigan
Date Closed	:	December 18, 2009
Assets	:	$168.6 million
Deposits	:	$157.1 million

Acquiring Bank	:	Deposit Insurance National Bank (FDIC) - -
Assets Purchased	:	-
Deposits Purchased	:	-
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$76.6 million

Notes

FDIC Creates a Deposit Insurance National Bank to Facilitate the Resolution of Citizens State Bank, New Baltimore, Michigan. The Huntington National Bank to Provide Temporary Operational Management. At the time of closing, deposits of approximately $803,000 potentially exceeded the insurance limits.

# 135

Failed Bank	:	Peoples First Community Bank - Panama City, Florida
Date Closed	:	December 18, 2009
Assets	:	$1.8 billion
Deposits	:	$1.7 billion

Acquiring Bank	:	Hancock Bank - Gulfport, Mississippi
Assets Purchased	:	$1.6 billion
Deposits Purchased	:	$1.7 billion
Premium paid for acquiring deposits	:	1.0 percent
Loss Sharing Agreement with FDIC for assets	:	$1.4 billion
Cost to the Deposit Insurance Fund	:	$556.7 million

Notes

The Hancock Bank will pay the FDIC a premium of one percent to assume all of the deposits of Peoples First Community Bank. In addition to assuming all of the deposits of the failed bank, Hancock Bank agreed to purchase approximately $1.6 billion of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

# 134

Failed Bank	:	RockBridge Commercial Bank - Atlanta, Georgia
Date Closed	:	December 18, 2009
Assets	:	$294.0 million
Deposits	:	$291.7 million

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	:	$124.2 million

Notes

The bank was closed Georgia Department of Banking and Finance, which appointed the FDIC as receiver. At the time of closing, the bank had an estimated $2.1 million in uninsured funds.

# 133

Failed Bank	:	SolutionsBank - Overland Park, Kansas
Date Closed	:	December 11, 2009
Assets	:	$511.1 million
Deposits	:	$421.3 million

Acquiring Bank	:	Arvest Bank - Fayetteville, Arkansas
Assets Purchased	:	$511.1 million
Deposits Purchased	:	$421.3 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$411.3 million
Cost to the Deposit Insurance Fund	:	$122.1 million

Notes

Arvest Bank agreed to purchase essentially all of the assets.

# 132

Failed Bank	:	Valley Capital Bank, N.A. - Mesa, Arizona
Date Closed	:	December 11, 2009
Assets	:	$40.3 million
Deposits	:	$41.3 million

Acquiring Bank	:	Enterprise Bank & Trust - Clayton, Missouri
Assets Purchased	:	$40.3 million
Deposits Purchased	:	$41.3 million
Premium paid for acquiring deposits	:	2.0 percent
Loss Sharing Agreement with FDIC for assets	:	$29.8 million
Cost to the Deposit Insurance Fund	:	$7.4 million

Notes

Enterprise Bank paid the FDIC a 2 percent premium for the right to assume all of the deposits of Valley Capital Bank.Enterprise Bank agreed to purchase essentially all of the failed bank's assets.

# 131

Failed Bank	:	Republic Federal Bank, N.A. - Miami, Florida
Date Closed	:	December 11, 2009
Assets	:	$433.0 million
Deposits	:	$352.7 million

Acquiring Bank	:	1st United Bank - Boca Raton, Florida
Assets Purchased	:	$267.1 million
Deposits Purchased	:	$352.7 million
Premium paid for acquiring deposits	:	1.2 percent
Loss Sharing Agreement with FDIC for assets	:	$210.4 million
Cost to the Deposit Insurance Fund	:	$122.6 million

Notes

1st United Bank will pay the FDIC a premium of 1.2 percent to assume all of the deposits of Republic Federal Bank, N.A. 1st United Bank agreed to purchase $267.1 million of the failed bank's assets.