3 Banks Closed on Nov. 19

Year's Tally Now Stands at 171 Failed Institutions
3 Banks Closed on Nov. 19
Federal and state banking regulators closed three banks on Friday, Nov. 19.

These failures raise the total number of failed institutions to 171 so far in 2010.

These are the failed institutions:

Gulf State Community Bank, Carrabelle, Fla.

Gulf State Community Bank, Carrabelle, Fla., was closed by the Florida Office of Financial Regulation. The Federal Deposit Insurance Corporation (FDIC) was appointed receiver. The FDIC arranged for Centennial Bank, Conway, Ark., to assume all of the deposits of Gulf State Community Bank.

The five branches of Gulf State Community Bank will reopen as branches of Centennial Bank.

Gulf State Community Bank had $112.1 million in assets. The estimated cost to the Deposit Insurance Fund (DIF) will be $42.7 million.

Allegiance Bank of North America, Bala Cynwyd, Pa.

Allegiance Bank of North America, Bala Cynwyd, Pa., was closed by the Secretary of the Pennsylvania Department of Banking. The FDIC was appointed receiver. The FDIC arranged for VIST Bank, Wyomissing, Pennsylvania, to assume all of the deposits of Allegiance Bank of North America.

The five branches of Allegiance Bank of North America will reopen as branches of VIST Bank.

Allegiance Bank of North America had $106.6 million in assets. The estimated cost to the DIF will be $14.2 million.

First Banking Center, Burlington, Wis.

First Banking Center, Burlington, Wis., was closed by the Wisconsin Department of Financial Institutions. The FDIC was appointed receiver. The FDIC arranged for First Michigan Bank, Troy, Mich., to assume all of the deposits of First Banking Center.

The 17 branches of First Banking Center will reopen as branches of First Michigan Bank.

First Banking Center had $750.7 million in assets. The estimated cost to the DIF will be $142.6 million.





Around the Network

Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.co.uk, you agree to our use of cookies.