Banks Acquiring Failed Banks

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Banks failed in 2010

# 67

Failed Bank : Towne Bank of Arizona - Mesa, Arizona
Date Closed : May 07, 2010
Assets : $120.2 million
Deposits : $113.2 million
Acquiring Bank : Commerce Bank of Arizona - Tucson, Arizona
Assets Purchased : $120.2 million
Deposits Purchased : $113.2 million
Premium paid for acquiring deposits : 0.3 percent
Loss Sharing Agreement with FDIC for assets : $80.1 million
Cost to the Deposit Insurance Fund : $41.8 million
Notes Commerce Bank of Arizona will pay the FDIC a premium of 0.3 percent to assume all of the deposits of Towne Bank of Arizona. In addition to assuming all of the deposits of the failed bank, Commerce Bank of Arizona agreed to purchase essentially all of the assets.

# 66

Failed Bank : Access Bank - Champlin, Minnesota
Date Closed : May 07, 2010
Assets : $32.0 million
Deposits : $32.0 million
Acquiring Bank : Prinsbank - Prinsburg, Minnesota
Assets Purchased : $32.0 million
Deposits Purchased : $32.0 million
Premium paid for acquiring deposits : 0.02 percent
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $5.5 million
Notes PrinsBank agreed to purchase essentially all of the assets.

# 65

Failed Bank : The Bank of Bonifay - Bonifay, Florida
Date Closed : May 07, 2010
Assets : $242.9 million
Deposits : $230.2 million
Acquiring Bank : First Federal Bank of Florida - Lake City, Florida
Assets Purchased : $78.1 million
Deposits Purchased : $230.2 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : -
Cost to the Deposit Insurance Fund : $78.7 million
Notes First Federal Bank of Florida will purchase approximately $78.1 million of The Bank of Bonifay's assets, consisting of cash and cash equivalents. The FDIC will retain the remaining assets for later disposition.

# 64

Failed Bank : Frontier Bank - Everett, Washington
Date Closed : April 30, 2010
Assets : $3.50 billion
Deposits : $3.13 billion
Acquiring Bank : Union Bank, National Association - San Francisco, California
Assets Purchased : $3.50 billion
Deposits Purchased : $3.13 billion
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $3.04 billion
Cost to the Deposit Insurance Fund : $1.37 billion
Notes Union Bank, N.A. agreed to purchase essentially all of the failed bank's assets.

# 63

Failed Bank : BC National Banks - Butler, Missouri
Date Closed : April 30, 2010
Assets : $67.2 million
Deposits : $54.9 million
Acquiring Bank : Community First Bank - Butler, Missouri
Assets Purchased : $67.2 million
Deposits Purchased : $54.9 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $37.9 million
Cost to the Deposit Insurance Fund : $11.4 million
Notes Community First Bank agreed to purchase essentially all of the failed bank's assets.

# 62

Failed Bank : Champion Bank - Creve Coeur, Missouri
Date Closed : April 30, 2010
Assets : $187.3 million
Deposits : $153.8 million
Acquiring Bank : Bankliberty - Liberty, Missouri
Assets Purchased : $187.3 million
Deposits Purchased : $153.8 million
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $113.5 million
Cost to the Deposit Insurance Fund : $52.7 million
Notes BankLiberty agreed to purchase approximately $152.6 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 61

Failed Bank : CF Bancorp - Port Huron, Michigan
Date Closed : April 30, 2010
Assets : $1.65 billion
Deposits : $1.43 billion
Acquiring Bank : First Michigan Bank - Troy, Michgan
Assets Purchased : $870 million
Deposits Purchased : $1.43 billion
Premium paid for acquiring deposits : 0.75 percent
Loss Sharing Agreement with FDIC for assets : $808.1 million
Cost to the Deposit Insurance Fund : $615.3 million
Notes First Michigan Bank paid the FDIC a premium of 0.75 percent to assume all of the deposits of CF Bancorp. In addition to assuming all of the deposits, First Michigan Bank agreed to purchase approximately $870 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 60

Failed Bank : Westernbank Puerto Rico - Mayaguez, Puerto Rico
Date Closed : April 30, 2010
Assets : $11.94 billion
Deposits : $8.62 billion
Acquiring Bank : Banco Popular de Puerto Rico - San Juan, Puerto Rico
Assets Purchased : $9.39 billion
Deposits Purchased : $8.62 billion
Premium paid for acquiring deposits : -
Loss Sharing Agreement with FDIC for assets : $8.77 billion
Cost to the Deposit Insurance Fund : $3.31 billion
Notes Banco Popular de Puerto Rico agreed to purchase approximately $9.39 billion of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 59

Failed Bank : R-G Premier Bank of Puerto Rico - Hato Rey, Puerto Rico
Date Closed : April 30, 2010
Assets : $5.92 billion
Deposits : $4.25 billion
Acquiring Bank : Scotiabank de Puerto Rico - San Juan, Puerto Rico
Assets Purchased : $5.92 billion
Deposits Purchased : $4.25 billion
Premium paid for acquiring deposits : 1.35 percent
Loss Sharing Agreement with FDIC for assets : $5.41 billion
Cost to the Deposit Insurance Fund : $1.23 billion
Notes Scotiabank de Puerto Rico paid the FDIC a premium of 1.35 percent to assume all of the deposits of R-G Premier Bank of Puerto Rico. In addition to assuming all of the deposits, Scotiabank de Puerto Rico agreed to purchase essentially all of the failed bank's assets.

# 58

Failed Bank : Eurobank - San Juan, Puerto Rico
Date Closed : April 30, 2010
Assets : $2.56 billion
Deposits : $1.97 billion
Acquiring Bank : Oriental Bank and Trust - San Juan, Puerto Rico
Assets Purchased : $2.56 billion
Deposits Purchased : $1.97 billion
Premium paid for acquiring deposits : 1.25 percent
Loss Sharing Agreement with FDIC for assets : $1.58 billion
Cost to the Deposit Insurance Fund : $743.9 million
Notes Oriental Bank and Trust paid the FDIC a premium of 1.25 percent to assume all of the deposits of Eurobank. In addition to assuming all of the deposits, Oriental Bank and Trust agreed to purchase essentially all of the failed bank's assets.


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