WASHINGTON (TheStreet) -- Regulators shut down three banks Friday, bringing the total number of failed institutions this year to 133.
TheStreet.com Ratings had previously given the banks E-minus (Very Weak) financial strength ratings, and all three were included in TheStreet.com's list of undercapitalized banks and thrifts.
The Office of the Comptroller of the Currency closed Republic Federal Bank NA of Miami, Fla. and appointed the Federal Deposit Insurance Corp. receiver. The FDIC sold the failed bank's $353 million in deposits to 1st United Bank of Boca Raton, Fla. for a 1% premium. 1st United also purchased $267 million of Republic Federal's $433 million in total assets at a discount of 37%. The FDIC agreed to share in losses on $210 million of the acquired assets and estimated the cost to its insurance fund would be $122.6 million. Republic Federal's four offices were scheduled to reopen Monday as 1st United branches.
1st United Bank is the main subsidiary of 1st United Bancorp (FUBC).The OCC also shut down Valley Capital Bank NA of Mesa, Ariz. The FDIC was appointed receiver and sold the failed bank's total deposits of $41 million for a 2% premium to Enterprise Bank & Trust of Clayton, Mo. Enterprise is held by Enterprise Financial Services (EFSC). Enterprise also agreed to take on the failed bank's total assets of $40 million, with the FDIC agreeing to share in losses on about $30 million of the acquired assets. The agency estimated the cost to its insurance fund would be $7.4 million. Valley Capital's office was set to reopen Monday as an enterprise branch. >>Bull or Bear? Vote in Our Poll
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