First Guaranty Bank and Trust CompanyThe Florida Office of Financial Regulation closed First Guaranty Bank and Trust Co. of Jacksonville, which had $377.9 million in total assets and $349.5 million in deposits when it failed. The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed institution's assets and deposits, "except for certain brokered deposits," to CenterState Bank of Florida, NA, of Winter Haven. The FDIC agreed to cover 80% of losses on $292.9 million of the acquired assets. The acquiring is a subsidiary of CenterState Banks ( CSFL), and just last week, purchased the failed Central Florida State Bank. First Guaranty Bank and Trust's eight branches were scheduled to reopen Monday as branches of CenterState Bank of Florida, NA. The FDIC estimated that the cost of First Guaranty Bank ad Trust's failure to the deposit insurance fund would be $82.0 million. Customers of the failed bank with deposits made through brokers will need to contact their brokers directly for more information, since the FDIC pays insured balances directly to the brokers. Interested in more on CenterState Banks? See TheStreet Ratings' report card for this stock.
Tennessee Commerce BankState Regulators closed Tennessee Commerce Bank of Franklin, which had $1.185 billion in total assets and $1.156 million in deposits when it failed. The failed bank was held by Tennessee Commerce Bancorp ( TNCC), and slipped from well capitalized to undercapitalized in the third quarter, when it booked a net loss of $102.8 million, which the holding company said resulted from "a $92.6 million charge to provision expense during the third quarter," resulting from "preliminary loan losses of $76.3 million combined with $12.1 million of specific reserves on classified loans identified by examiners" of the FDIC and the Tennessee Department of Financial Institutions. The FDIC was appointed receiver and sold the failed bank's deposits -- except for some brokered deposits -- to Republic Bank & Trust Co. of Louisville, Ky., which is the main subsidiary of Republic Bancorp ( RBCAA). Republic Bank & Trust agreed to take on just $203.9 million of the failed bank's assets, with the FDIC retaining the rest for later disposition. The failed bank's office was set to reopen Monday as a branch of Republic Bank & Trust. The FDIC estimated that the cost to the deposit insurance fund from Tennessee Commerce Bank's failure would be $416.8 million. Customers with brokered deposits will need to contact their brokers for more information.
Patriot Bank MinnesotaState regulators took over Patriot Bank of Minnesota, which had 111.3 million in total assets and $108.3 million in deposits. The FDIC sold the failed bank to First Resource Bank of Savage, Minn. The FDIC agreed to cover 80% of losses on $79.4 million of the failed bank's assets acquired by First Resource Bank, and estimated the cost of Patriot Bank of Minnesota's failure to the deposit insurance fund would be$32.6 million. The failed bank's three branches were scheduled to reopen Saturday as branches of First Resource Bank.
BankEastTennessee regulators also shuttered BankEast of Knoxville, which had $272.6 million in assets and $268.8 million in deposits. The FDIC was appointed receiver and sold the failed bank to U.S Bank, NA of Cincinnati, which is the main subsidiary of U.S Bancorp ( USB). The failed bank's 10 offices were scheduled to reopen Monday as U.S. Bank branches, and the FDIC estimated the cost of Patriot Bank Minnesota's failure to the deposit insurance fund would be $75.6 million.
Thorough Bank Failure CoverageThere were three bank failures last week following 92 bank failures closures 2011. All previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.