Four California FailuresThe California Department of Financial Institutions took over Butte Community Bank of Chico, Calif., which had $499 million in total assets, and Pacific State Bank of Stockton, which had total assets of $312 million. The FDIC was appointed receiver and sold the deposits and assets of both failed banks to Rabobank, NA of El Centro, Calif. Rabobank paid the FDIC a 4.05% premium for Butte Community's deposits, but it paid no premium for Pacific State Bank's deposits
Two Florida FailuresThe Office of the Comptroller of the Currency shut down Community National Bank at Bartow and Independent National Bank of Ocala, Fla. The FDIC was appointed receiver and arranged for CenterState Bank of Florida to acquire all of the deposits and assets of both failed banks. CenterState is held by CenterState Banks of Florida ( CSFL). Community National Bank at Bartow had $68 million in total assets, and Independent National Bank had $156 million in total assets. The FDIC agreed to share in losses on $52 million of the assets CenterState acquired from Community National Bank at Bartow and $120 million of the assets acquired from Independent National Bank. The failed banks' five branches were scheduled to reopen during normal business hours as CenterState branches. The FDIC estimated the deposit insurance fund would incur costs of $10.3 million for Community National Bank at Bartow's failure and $23.2 million for Independent national Bank.
Imperial Savings and LoanThe OTS shut down Imperial Savings and Loan of Martinsville, Va. The FDIC was appointed receiver and sold the failed thrift, which had $9.4 million in total assets, to River Community Bank, NA, also of Martinsville, Va. The sole office of Imperial Savings and Loan was scheduled to reopen Monday as a River Community branch, and the FDIC estimated the cost to the insurance fund would be $3.5 million.
Ongoing Bank Failure CoverageAll previous bank closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map: