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TheStreet Open House

Integra Bank, Two Others Fail

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.

All three failed banks were previously included in TheStreet's first-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by SNL Financial.

Integra Bank, NA

The 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).

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 Bank

The 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, NA

The 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 Coverage

All bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure

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-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

To submit a news tip, send an email to: tips@thestreet.com.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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