7 Banks, 1 Credit Union Closed

Year's Tally of Failed Institutions: 160
7 Banks, 1 Credit Union Closed
Federal and state banking regulators closed seven banks and one credit union over the week ending Friday, Oct. 22.

These failures raise the total number of failed institutions to 160 so far in 2010.

These are the latest closures:

Phil-Pet Federal Credit Union, Pampa, Texas

The National Credit Union Administration placed Phil-Pet Federal Credit Union, located in Pampa, Texas, into liquidation.

NCUA closed Phil-Pet Federal Credit Union and discontinued its operation after determining the credit union is insolvent. The failed credit union had $3.7 million in assets and served 765 members. NCUA's Asset Management Assistance Center will transfer share accounts to Pantex Federal Credit Union of Borger, Texas.

First Bank of Jacksonville, Jacksonville, Fla.

First Bank of Jacksonville, Jacksonville, Fla., was closed by the Florida Office of Financial Regulation. The Federal Deposit Insurance Corporation was appointed receiver. The FDIC arranged for Ameris Bank, Moultrie, Ga., to assume all of the deposits of First Bank of Jacksonville.

The sole branch of First Bank of Jacksonville will reopen as a branch of Ameris Bank. The failed bank had $81 million in assets. The estimated cost to the Deposit Insurance Fund will be $16.2 million.

Progress Bank of Florida, Tampa, Fla.

Progress Bank of Florida, Tampa, Fla., was closed by the Florida Office of Financial Regulation. The FDIC was appointed receiver and arranged for Bay Cities Bank, Tampa, Fla., to assume all of the deposits of the failed bank.

The two branches of Progress Bank of Florida will reopen as branches of Bay Cities Bank. The failed bank had $110.7 million in assets. The estimated cost to the DIF will be $25 million.

The Gordon Bank, Gordon, Ga.

The Gordon Bank, Gordon, Ga., was closed by the Georgia Department of Banking and Finance. The FDIC was made receiver and arranged for Morris Bank, Dublin, Ga., to assume all of the deposits of the failed bank.

The sole branch of The Gordon Bank will reopen as a branch of Morris Bank. The failed bank had $29.4 million in assets. The estimated cost to the DIF will be $9 million.

The First National Bank of Barnesville, Barnesville, Ga.

The First National Bank of Barnesville, Barnesville, Ga., was closed by the Office of the Comptroller of the Currency. The FDIC was made receiver and arranged for the United Bank, Zebulon, Ga., to assume all of the deposits of failed bank.

The two branches of The First National Bank of Barnesville will reopen as branches of United Bank. The failed bank had $131.4 million in assets. The estimated cost to the DIF will be $33.9 million.

First Suburban National Bank, Maywood, Ill.,

First Suburban National Bank, Maywood, Ill., was closed by the Office of the Comptroller of the Currency. The FDIC was made receiver and arranged for Seaway Bank and Trust Company, Chicago, to assume all of the deposits of First Suburban National Bank.

The four branches of First Suburban National Bank will reopen as branches of Seaway Bank and Trust Company. First Suburban National Bank had $148.7 million in assets. The estimated cost to the DIF will be $31.4 million.

Hillcrest Bank, Overland Park, Kan.

Hillcrest Bank, Overland Park, Kan., was closed by the Kansas Office of the State Bank Commissioner. The FDIC was made receiver and arranged for Hillcrest Bank, National Association, Overland Park, Kan., a newly-chartered bank subsidiary of NBH Holdings Corp., Boston, Mass., to assume all of the deposits of Hillcrest Bank.

The 41 branches of Hillcrest Bank will reopen as branches of Hillcrest Bank, N.A. Hillcrest Bank had $1.65 billion in assets. The estimated cost to the DIF will be $329.7 million.

First Arizona Savings, Scottsdale, Ariz.

The FDIC approved the payout of the insured deposits of First Arizona Savings, A FSB, Scottsdale, Ariz. The bank was closed by the Office of Thrift Supervision, and the FDIC was made receiver.

First Arizona Savings, A FSB had $272.2 million in assets. The estimated cost of the failure to the FDIC's DIF will be $32.8 million.





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