NEW YORK (
) -- 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
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
, which through its Northbrook Bank & Trust subsidiary previously purchased the failed
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.
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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
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.
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:
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.
Written by Philip van Doorn in Jupiter, Fla.
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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.