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Two Banks Fail; 2012 Tally at Nine

NEW YORK (TheStreet) -- Federal regulators shut down two banks Friday, bringing this year's total number of bank failures to nine.

One of the failed banks was previously included in TheStreet's preliminary fourth-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by HighlineFI.

Charter National Bank and Trust

The Office of the Comptroller of the Currency closed Charter National Bank and Trust of Hoffman Estates, Ill., which had $93.9 million in total assets and $89.5 million in deposits as of Dec. 30.

The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed institution, to Barrington Bank & Trust Company, NA, of Barrington, Ill. The FDIC agreed to cover 80% of losses on $72.1 million of the acquired assets.

The acquiring is a subsidiary of WinTrust Financial (WTFC), which through its Northbrook Bank & Trust subsidiary previously purchased the failed First Chicago Bank & Trust last July.

Charter National Bank and Trust's two offices were scheduled to reopen Saturday as as Hoffman Estates Community Bank, a branch of Barrington Bank & Trust Company, NA.

The FDIC estimated that the cost of Charter National Bank and Trust's failure to the deposit insurance fund would be $17.4 million.

Interested in more on WinTrust Financial? See TheStreet Ratings' report card for this stock.

SCB Bank

The OCC also closed SCB Bank of Shelbyville, Ind., which had $182.6 million in total assets and $171.6 million in deposits as of Dec. 30.

The thrift was not included in TheStreet's preliminary fourth-quarter Bank Watch List of undercapitalized institutions, because the OCC had not yet made its year-end data available when the list was compiled on Feb. 6.

The FDIC was appointed receiver and sold the failed institution, except for "certain brokered deposits," to First Merchants Bank, NA of Muncie, Ind., which is a subsidiary of First Merchants Corp. (FRME).

Customers with deposits in SCB made through brokers, should contact their brokers directly for more information.

SCB Bank's four branches was set to reopen Saturday as branches of First Merchants Bank, NA.

The FDIC estimated that the cost to the deposit insurance fund from SCB Bank's failure would be $33.9 million.

Interested in more on First Merchants Corp.? See TheStreet Ratings' report card for this stock.

Thorough Bank Failure Coverage

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

Stock quotes in this article: WTFC, FRME 

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