4 Banks Closed on May 14

State and federal regulators closed four banks on Friday, May 14. These closings raise to 79 the number of failed institutions so far in 2010.

These are the latest failed banks:

Satilla Community Bank
Satilla Community Bank, Saint Marys, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The Ameris Bank, Moultrie, Georgia, will assume all of the deposits of Satilla Community Bank.

The sole branch of Satilla Community Bank will reopen on as a branch of Ameris Bank. Satilla Community Bank had approximately $135.7 million in total assets and $134 million in total deposits. The estimated cost to the Deposit Insurance Fund (DIF) will be $31.3 million.

New Liberty Bank
New Liberty Bank, Plymouth, Michigan, was closed by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. Bank of Ann Arbor, Ann Arbor, Michigan, will assume all of the deposits of New Liberty Bank.

The sole branch of New Liberty Bank will reopen as a branch of Bank of Ann Arbor. New Liberty Bank had approximately $109.1 million in total assets and $101.8 million in total deposits. The estimated cost to the DIF will be $25.0 million.

Southwest Community Bank
Southwest Community Bank, Springfield, Missouri, was closed by the Missouri Division of Finance, which appointed the FDIC as receiver. Simmons First National Bank, Pine Bluff, Arkansas, will assume all of the deposits of Southwest Community Bank.

The sole branch of Southwest Community Bank was to reopen on Saturday as a branch of Simmons First National Bank. Southwest Community Bank had approximately $96.6 million in total assets and $102.5 million in total deposits. The estimated cost to the DIF will be $29.0 million.

Midwest Bank and Trust Company
Midwest Bank and Trust Company, Elmwood Park, Illinois, was closed by the Illinois Department of Financial Professional Regulation - Division of Banking, which appointed the FDIC as receiver. Firstmerit Bank, National Association, Akron, Ohio, will assume all of the deposits of Midwest Bank and Trust Company.

The 23 branches of Midwest Bank and Trust Company were to reopen on Saturday as branches of Firstmerit Bank, N. A.

Midwest Bank and Trust Company had approximately $3.17 billion in total assets and $2.42 billion in total deposits. The estimated cost to the DIF will be $216.4 million.





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