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
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
(WTFC - Get Report)
, which through its Northbrook Bank & Trust subsidiary previously purchased the failed
First Chicago Bank & Trust
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.
The OCC also closed
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
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 - Get Report)
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
interactive bank failure map: