Four Banks Fail, 2012 Tally at 28 (Update1)
NEW YORK (
) -- Four banks failed on Friday, bringing this year's total number of bank failures to 28.
All four failed banks were previously included in
TheStreet's
of
institutions, based on regulatory data provided by
Thomson Reuters Bank Insight
.
First Capital Bank
The Oklahoma State Banking Department shuttered
First Capital Bank
of Kingfisher, which had $46.1 million in total assets and $44.8 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed institution's deposits for a 7.65% premium to
F&M Bank
of Edmond, Okla.
In addition to purchasing the deposits, F & M Bank agreed to take on $40.7 million of the failed bank's assets, with the FDIC retaining the rest for later disposition.
First Capital Bank's office was scheduled to reopen Saturday as a branch of F&M Bank.
The FDIC estimated that the cost of First Capital Bank's failure to the deposit insurance fund would be $5.6 million.
Carolina Federal Savings Bank
The Office of the Comptroller of the Currency closed
Carolina Federal Savings Bank
of Charleston, S.C., and appointed the FDIC receiver. The failed bank had $54.4 million in assets and $53.1 million in deposits.
The FDIC arranged for
Bank of North Carolina
, of Thomasville, to assume the Carolina Federal Savings Bank's deposits, while also purchasing roughly $41.0 million of the failed banks assets, with the FDIC retaining the rest of the assets for later dispoisition.
The acquiring bank is held by
BNC Bancorp
(BNCN)
.
Carolina Federal's two offices were set to reopen during normal business hours as Bank of North Carolina branches, operating under the name BNC Bank.
The FDIC estimated that the cost of Carolina Federal Savings Bank's failure to the deposit insurance fund would be $15.2 million.
Farmers and Traders State Bank
The Illinois Department of Financial and Professional Regulation shut down
Farmers and Traders State Bank
of Shabbona, which had $43.1 million in assets and $42.3 million in deposits.
As receiver, the FDIC sold the failed bank to
First State Bank
, of Mendota, Ill.
The failed bank's two branches were scheduled to reopen as Saturday as First State Bank branches.
The FDIC estimated that the cost of Farmers and Traders State Bank's failure to the deposit insurance fund would be $8.9 million.
Waccamaw Bank
State regulators closed
Waccamaw Bank
of Whiteville, N.C., which had total assets of $533.1 million and $472.7 million in deposits. The FDIC sold the failed institution's retail deposits to
First Community Bank
of Bluefield, Va.
Customers of Waccamaw Bank with deposits made through brokers need to contact their brokers directly, who will be paid directly by the FDIC for insured deposit amounts.
First Community Bank also took on $515.3 million of the failed bank's assets, with the FDIC retaining the remaining assets for later disposition. The acquiring bank is held by
First Community Bancshares
(FCBC) - Get Report
The FDIC estimated that the failure of Waccamaw Bank would cost the deposit insurance fund $51.1 million.
Thorough Bank Failure Coverage
All previous 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.
RELATED STORIES:
Citigroup Won't Ask for 2012 Capital Returns
Berkshire Dumps Part of ResCap Debt Days After Seeking Probe
Bank Share Buybacks May Slow: Report
--
Written by Philip van Doorn in Jupiter, Fla.
>Contact by
.
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.
