Five Banks Fail in Friday Night Massacre
NEW YORK (TheStreet) -- State and federal regulators shuttered five banks Friday evening, bringing this year's total number of bank failures to 22.
Plantation Federal Bank
The Office of the Comptroller of the Currency took over Plantation Federal Bank of Pawleys Island, S.C., which had roughly $486.4 million in total assets and $440.5 in deposits.The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed thrift to First Federal Bank of Charleston, S.C. The acquiring bank is the main subsidiary of First Financial Holdings (FFCH). Plantation Federal's six offices were scheduled to Monday as branches of First Federal Bank. The FDIC agreed to share in losses on $221.7 million of the failed bank's assets acquired by First Federal Bank and estimated the cost of Plantation Federal Bank's failure to the deposit insurance fund would be $76.0 million.
Inter Savings Bank, FSBThe OCC also shut down Inter Savings Bank, FSB, which was doing business as InterBank FSB, and was headquartered in Maple Grove, Minn. Inter Savings Bank had $481.6 million in total assets and $473.0 million in deposits as of Dec. 31. The FDIC was appointed receiver and sold the failed thrift to Great Southern Bank of Reeds Spring, Mo., which is the main subsidiary of Great Southern Bancorp (GSBC). The FDIC agreed to share in losses on $413.0 million of the failed bank's assets acquired by Great Southern Bank and estimated the cost of Inter Savings Bank's failure to the deposit insurance fund would be $117.5 million. The failed institution's four branches were set to reopen Monday as branches of Great Southern Bank.
HarVest Bank of MarylandThe Maryland Commissioner of Financial Regulation closed HarVest Bank of Maryland, of Gaithersburg, which had approximately $164.3 million in assets and $145.5 in deposits. The FDIC was appointed receiver and sold the failed bank to Sonabank of McLean, Va., which is held by Southern National Bancorp (SONA). HarVest Bank's four offices were scheduled to reopen during normal business hours as branches of Sonabank. The FDIC estimated that HarVest Bank of Maryland's failure would cost the deposit insurance fund $17.2 million.
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