Bank Failures Exceed 2009's Pace
Satilla Community Bank
The Georgia Department of Banking and Finance closed Satilla Community Bank of Saint Marys, which had $135.7 million in assets. The FDIC sold the failed bank for a small premium on deposits to Ameris Bank of Multrie, Ga., which is the main subsidiary of Ameris Bancorp (ABCB), and has now purchased three failed Georgia banks.
Satilla Community Bank's sole office was set to reopen Monday as a branch of Ameris Bank. The FDIC agreed to share in losses on $101 million of the assets acquired by Ameris, and expected the failure to cost the deposit insurance fund $31.3 million.
New Liberty BankMichigan regulators shuttered New Liberty Bank of Plymouth, which had $109 million in total assets. The FDIC arranged for Bank of Ann Arbor of Ann Arbor, Mich., to assume the failed bank's deposits and assets. The FDIC agreed to share in losses on $95 million of the assets acquired by Bank of Ann Arbor, and was not paid a premium for the deposits. New Liberty's office was scheduled to reopen Saturday as a Bank of Ann Arbor branch, and the FDIC estimated the cost to the deposit insurance fund would be $25 million.
Southwest Community BankThe Missouri Division of Finance took over Southwest Community Bank of Springfield, which had $97 million in total assets and was sold to Simmons First National Bank of Pine Bluff, Ark. Simmons First is a subsidiary of Simmons First National Corp (SFNC). Simmons paid the FDIC a 0.50% premium for the failed bank's deposits, and the FDIC agreed to share in losses on $67 million of the acquired assets. Southwest Community's sole office was to reopen Saturday as a Simmons First Branch. The FDIC estimated the bank failure would cost the deposit insurance fund $29 million.
Ongoing Bank Failure Coverage
Free Financial Strength RatingsPlease see TheStreet's Banks & Thrifts Screener for independent and very conservative financial strength ratings on each of the nation's banks and savings and loans. -- Written by Philip van Doorn in Jupiter, Fla.
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