Banks Acquiring Failed Banks

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Banks failed in 2010

# 117

Failed Bank : Los Padres Bank - Solvang, California
Date Closed : August 20, 2010
Assets : $870.4 million
Deposits : $770.7 million
Acquiring Bank : Pacific Western Bank - San Diego, California
Assets Purchased : $870.4 million
Deposits Purchased : $770.7 million
Premium paid for acquiring deposits : 0.45 percent
Loss Sharing Agreement with FDIC for assets : $579.8 million
Cost to the Deposit Insurance Fund : $8.7 million
Notes Pacific Western Bank will pay the FDIC a premium of 0.45 percent to assume all of the deposits of Los Padres Bank. In addition to assuming all of the deposits of the failed bank, Pacific Western Bank agreed to purchase essentially all of the assets.

# 116

Failed Bank : Butte Community Bank - Chico, California
Date Closed : August 20, 2010
Assets : $498.8 million
Deposits : $471.3 million
Acquiring Bank : Rabobank, National Association - El Centro, California
Assets Purchased : $498.8 million
Deposits Purchased : $471.3 million
Premium paid for acquiring deposits : 4.05 percent
Loss Sharing Agreement with FDIC for assets : $425.4 million
Cost to the Deposit Insurance Fund : $17.4 million
Notes Butte Community Bank had total assets of $498.8 million and total deposits of $471.3 million; and Pacific State Bank had total assets of $312.1 million and total deposits of $278.8 million. Rabobank, National Association will pay the FDIC a premium of 4.05 percent to assume all of the deposits of Butte Community Bank, but it did not pay the FDIC a premium for the deposits of Pacific State Bank.

# 115

Failed Bank : Pacific State Bank - Stockton, California
Date Closed : August 20, 2010
Assets : $312.1 million
Deposits : $278.8 million
Acquiring Bank : Rabobank, National Association - El Centro, California
Assets Purchased : $312.1 million
Deposits Purchased : $278.8 million
Premium paid for acquiring deposits : $249.7 million
Loss Sharing Agreement with FDIC for assets : $249.7 million
Cost to the Deposit Insurance Fund : $32.6 million
Notes Butte Community Bank had total assets of $498.8 million and total deposits of $471.3 million; and Pacific State Bank had total assets of $312.1 million and total deposits of $278.8 million. Rabobank, National Association will pay the FDIC a premium of 4.05 percent to assume all of the deposits of Butte Community Bank, but it did not pay the FDIC a premium for the deposits of Pacific State Bank.

# 114

Failed Bank : ShoreBank - Chicago, Illinois
Date Closed : August 20, 2010
Assets : $2.16 billion
Deposits : $1.54 billion
Acquiring Bank : Urban Partnership Bank - Chicago, Illinois
Assets Purchased : $2.16 billion
Deposits Purchased : $1.54 billion
Premium paid for acquiring deposits : 0.50 percent
Loss Sharing Agreement with FDIC for assets : $1.41 billion
Cost to the Deposit Insurance Fund : $367.7 million
Notes Urban Partnership Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of ShoreBank. In addition to assuming all of the deposits of the failed bank, Urban Partnership Bank agreed to purchase essentially all of the assets except for the marketable securities and fixed assets.

# 113

Failed Bank : Imperial Savings and Loan Association - Martinsville, Virginia
Date Closed : August 20, 2010
Assets : $9.4 million
Deposits : $10.1 million
Acquiring Bank : River Community Bank, National Association - Martinsville, Virginia
Assets Purchased : $10.1 million
Deposits Purchased : $9.4 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $3.5 million
Notes River Community Bank, N.A. did not pay the FDIC a premium for the deposits of Imperial Savings and Loan Association. In addition to assuming all of the deposits of the failed bank, River Community Bank, N.A. agreed to purchase essentially all of the assets.

# 112

Failed Bank : Independent National Bank - Ocala, Florida
Date Closed : August 20, 2010
Assets : $156.2 million
Deposits : $141.9 million
Acquiring Bank : CenterState Bank of Florida, National Association - Winter Haven, Florida
Assets Purchased : $156.2 million
Deposits Purchased : $141.9 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $119.7 million
Cost to the Deposit Insurance Fund : $23.2 million
Notes CenterState Bank of Florida, N.A. did not pay the FDIC a premium for the deposits of the failed bank.

# 111

Failed Bank : Community National Bank at Bartow - Bartow, Florida
Date Closed : August 20, 2010
Assets : $67.9 million
Deposits : $63.7 million
Acquiring Bank : CenterState Bank of Florida, National Association - Winter Haven, Florida
Assets Purchased : $67.9 million
Deposits Purchased : $63.7 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $51.9 million
Cost to the Deposit Insurance Fund : $10.3 million
Notes CenterState Bank of Florida, N.A. did not pay the FDIC a premium for the deposits of the failed bank.

# 110

Failed Bank : Palos Bank and Trust Company - Palos Heights, Illinois
Date Closed : August 13, 2010
Assets : $493.4 million
Deposits : $467.8 million
Acquiring Bank : First Midwest Bank - Itasca, Illinois
Assets Purchased : $493.4 million
Deposits Purchased : $467.8 million
Premium paid for acquiring deposits : 1.0 percent
Loss Sharing Agreement with FDIC for assets : $343.8 million
Cost to the Deposit Insurance Fund : $72.0 million
Notes First Midwest Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Palos Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets.

# 109

Failed Bank : Ravenswood Bank - Chicago, Illinois
Date Closed : August 06, 2010
Assets : $264.6 million
Deposits : $269.5 million
Acquiring Bank : Northbrook Bank and Trust Company - Northbrook, Illinois
Assets Purchased : $264.6 million
Deposits Purchased : $269.5 million
Premium paid for acquiring deposits : 0.90 percent
Loss Sharing Agreement with FDIC for assets : $161.3 million
Cost to the Deposit Insurance Fund : $68.1 million
Notes Northbrook Bank and Trust Company will pay the FDIC a premium of 0.90 percent on the non-brokered deposits of Ravenswood Bank. In addition to assuming the non-brokered deposits of the failed bank, Northbrook Bank and Trust Company agreed to purchase essentially all of the assets.

# 108

Failed Bank : LibertyBank - Eugene, Oregon
Date Closed : July 30, 2010
Assets : $768.2 million
Deposits : $718.5 million
Acquiring Bank : Home Federal Bank - Nampa, Idaho
Assets Purchased : $419.7 million
Deposits Purchased : $718.5 million
Premium paid for acquiring deposits : 1.0 percent
Loss Sharing Agreement with FDIC for assets : $300.0 million
Cost to the Deposit Insurance Fund : $115.3 million
Notes Home Federal Bank paid the FDIC a premium of 1.0 percent for the deposits of LibertyBank. In addition to assuming all of the deposits of the failed bank, Home Federal Bank agreed to purchase approximately $419.7 million of the failed bank's assets.


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