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Six Banks Fail; 2010 Total at 157

The FDIC was appointed receiver and arranged for Farmers & Merchants Savings Bank of Manchester, Iowa, to assume the failed institution's assets and deposits. The FDIC estimated the cost of Community National Bank's failure to the deposit insurance fund would be $3.7 million.

The Bank of Miami, NA

The OCC took over The Bank of Miami, which had $448.2 million in total assets. As receiver, the FDIC arranged for 1st United Bank of Boca Raton, Fla. to assume the failed bank's deposits and $442.3 million in assets, with the agency retaining the rest for later disposition.

The FDIC agreed to cover 80% of losses on $313.5 million of the assets acquired by 1st United Bank and estimated the cost to the deposit insurance fund would be $64 million.

The acquiring bank is the main subsidiary of 1st United Bancorp (FUBC).

Chestatee State Bank

The Georgia Department of Banking and Finance shut down Chestatee State Bank. The FDIC was appointed receiver and sold the failed bank's $244.4 million in assets and all of its deposits to Bank of the Ozarks (OZRK - Get Report) of Little Rock, Ark.

The FDIC agreed to cover 80% of losses on $195.3 million in acquired assets and estimated the cost of the bank closure to the deposit insurance fund would be $75.3 million.

Appalachian Community Bank, FSB

The Office of Thrift Supervision closed Appalachian Community Bank, FSB and appointed the FDIC receiver. The failed thrift had $68.2 million in assets and $76.4 million in deposits, putting it in a negative capital position.

The FDIC arranged for Peoples Bank of East Tennessee to assume most of the failed institution's retail deposits, and was scheduled to mail checks to out-of-state customers with certificates of deposit. Customers with brokered CDs were advised to "contact their broker directly to obtain information on the status of their funds."

In addition to the in-state retail deposits, Peoples Bank of East Tennessee purchased $67.5 million of the failed thrift's assets, with the FDIC retaining the rest for later disposition. The agency also agreed to cover 80% of losses on $46.4 million of the acquired assets.

The FDIC estimated the failure would cost the deposit insurance fund $26 million.
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