WASHINGTON ( TheStreet) -- Regulators on Friday shuttered Integra Bank, NA of Evansville, Ind., along with smaller banks in Virginia, South Carolina, bringing this year's total number of U.S. bank failures to 61.
The three bank failures cost a combined $253.4 million.
Integra Bank, NAThe Office of Comptroller of the Currency took over Integra Bank, NA of Evansville, Ind., which had total assets of $2.2 billion and $1.9 billion in deposits. As Receiver, the FDIC sold the failed bank's deposits for a 1% premium to Old National Bank, also of Evansville, Ind. Old National Bank is held by Old National Bancorp (ONB - Get Report). In addition to the deposits, Old National purchased the failed bank's assets, with the FDIC agreeing to cover 80% of losses on $1.2 billion of the acquired assets. Integra Bank's 52 branches -- spread across Southern Indiana, Southern Illinois and Western Kentucky -- were scheduled to reopen during their normal business hours as Old National Bank branches. The FDIC estimated that Integra National Bank's failure would cost the deposit insurance fund $170.7 million.
Virginia Business BankThe Virginia State Corporation Commission closed Virginia Business Bank of Richmond, which had $95.8 million in total assets and $85 million in deposits. The Federal Deposit Insurance Corp. was named receiver and sold the failed bank to Xenith Bank, also of Richmond. Virginia Business Bank's office was scheduled to reopen Monday as a branch of Xenith Bank. The FDIC estimated that the cost of Virginia Business Bank's failure to the deposit insurance fund would be $17.3 million.
BankMeridian, NAThe Office of the Comptroller of the Currency shut down BankMeridian, NA, of Columbia, S.C., which had $239.8 million in total assets and $215.5 million in deposits. The FDIC was appointed receiver and sold the failed institution to SCBT, NA, of Orangeburg, S.C. The acquiring bank is the main subsidiary of SCBT Financial (SCBT). The FDIC agreed to cover 80% of losses on $179 million of the assets acquired by SCBT, and estimated the cost of BankMeridian's failure to the deposit insurance fund would be $65.4 million. BankMeridian's three branches were set to reopen Monday as branches of SCBT.
Thorough Bank Failure CoverageAll bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. To submit a news tip, send an email to: firstname.lastname@example.org.
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