WASHINGTON ( TheStreet) -- Regulators closed banks in four states Friday, bringing the total of number of failed U.S. banks this year to 20.
Marco Community Bank
Florida regulators shut down Marco Community Bank of Marco Island, Fla., the main subsidiary of Marco Community Bancorp (MCBN), and appointed the Federal Deposit Insurance Corp. receiver.
The FDIC sold the failed bank's $117 million in deposits for a 1.5% premium to Mutual of Omaha Bank, of Omaha, Neb., which also agreed to take on the failed institution's roughly $120 million in total assets, with the FDIC agreeing to share in losses on $104.8 million of the acquired assets.
Marco Community Bank had been assigned an E- (Very Weak) financial strength rating by TheStreet.com Ratings back in September. Loan losses depleted the bank's capital, and it was considered undercapitalized since the end of the third quarter. TheStreet.com recently included it in its listing of undercapitalized banks in four key states.The failed bank's office was set to reopen Saturday as a branch of Mutual of Omaha Bank. The FDIC estimated the cost to its insurance fund would be $38.1 million.