7 Banks Fail on April 30

3 Puerto Rican Banks Head Latest List of Closures State and federal banking regulators closed seven banks on April 30, including three banks in Puerto Rico -- the first banks to fail in the U.S. commonwealth, as well as three of the largest institutions to close in 2010. Westernbank had $11.94 billion in assets; R-G Premier Bank, $5.92 billion; and Eurobank, $2.56 billion.

These latest closings raise to 71 the number of failed banks and credit unions so far in 2010.

Here are the latest failures:

Eurobank, R-G Premier Bank and Westernbank
The three Puerto Rican banks closed on April 30 included Eurobank, San Juan, Puerto Rico, R-G Premier Bank and Westernbank. The three were closed by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for all three.

The 22 branches of Eurobank will reopen during normal business hours as branches of Oriental Bank and Trust. Eurobank had approximately $2.56 billion in total assets and $1.97 billion in total deposits.

The FDIC and Oriental Bank and Trust entered into a loss-share transaction on $1.58 billion of Eurobank's assets. The estimated cost to the Deposit Insurance Fund (DIF) will be $743.9 million.

R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico's assets were assumed by Scotiabank de Puerto Rico. The 29 branches of R-G Premier Bank of Puerto Rico will reopen during normal business hours as branches of Scotiabank de Puerto Rico. R-G Premier Bank of Puerto Rico had approximately $5.92 billion in total assets and $4.25 billion in total deposits.

The FDIC and Scotiabank de Puerto Rico entered into a loss-share transaction on $5.41 billion of R-G Premier Bank of Puerto Rico's assets. The estimated cost to the Deposit Insurance Fund (DIF) will be $1.23 billion.

Westernbank Puerto Rico, Mayaguez, Puerto Rico's assets were assumed by Banco Popular de Puerto Rico. The 46 branches of Westernbank Puerto Rico will reopen during normal business hours as branches of Banco Popular de Puerto Rico. Depositors of Westernbank Puerto Rico will automatically become depositors of Banco Popular de Puerto Rico.

Westernbank Puerto Rico had approximately $11.94 billion in total assets and $8.62 billion in total deposits. The estimated cost to the Deposit Insurance Fund (DIF) will be $3.31 billion.

CF Bancorp
CF Bancorp, Port Huron, Michigan, was closed by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Michigan Bank, Troy, Michigan, to assume all of the deposits of CF Bancorp.

The 22 branches of CF Bancorp were to reopen during normal business hours beginning Saturday as branches of First Michigan Bank. CF Bancorp had approximately $1.65 billion in total assets and $1.43 billion in total deposits. The estimated cost to the Deposit Insurance Fund (DIF) will be $615.3 million.

Champion Bank
Champion Bank, Creve Coeur, Missouri, was closed by the Missouri Division of Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with BankLiberty, Liberty, Missouri, to assume all of the deposits of Champion Bank.

The sole branch of Champion Bank was to reopen on Saturday as a branch of BankLiberty. Champion Bank had approximately $187.3 million in total assets and $153.8 million in total deposits. The estimated cost to the Deposit Insurance Fund (DIF) will be $52.7 million.

BC National Banks
BC National Banks, Butler, Missouri, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Community First Bank, Butler, Missouri, to assume all of the deposits of BC National Banks.

The four branches of BC National Banks were to reopen on Saturday as branches of Community First Bank. BC National Banks had approximately $67.2 million in total assets and $54.9 million in total deposits. The estimated cost to the Deposit Insurance Fund (DIF) will be $11.4 million

Frontier Bank
Frontier Bank, Everett, Washington, was closed by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Union Bank, National Association, San Francisco, California, to assume all of the deposits of Frontier Bank.

The 51 branches of Frontier Bank will reopen during normal business hours as branches of Union Bank, N.A. Frontier Bank had approximately $3.50 billion in total assets and $3.13 billion in total deposits. The estimated cost to the Deposit Insurance Fund (DIF) will be $1.37 billion.





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