AmTrust Bank Among Six Closed by Regulators

AmTrust Bank, the $12 billion Cleveland, Ohio-based institution, was closed on Friday, Dec. 4 - one of six banks to be shut down by state and federal regulators.

New York Community Bank of Westbury, NY, immediately assumed all of AmTrust Bank's Deposits. Meanwhile, State Bank and Trust Company of Macon, GA., acquired two closed banks: Buckhead Community Bank of Atlanta, GA., and First Security National Bank of Norcross, GA.

In all, there have now been 160 failed institutions - 130 banks and 30 credit unions - so far in 2009.

Following is a rundown of the latest closings:

AmTrust Bank, Cleveland, Ohio
AmTrust Bank was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC then entered into a purchase and assumption agreement with New York Community Bank, to assume all of the deposits of AmTrust Bank.

The 66 branches of AmTrust Bank were to reopen during their normal business hours beginning today as branches of New York Community Bank. Depositors of AmTrust Bank will automatically become depositors of New York Community Bank.

As of October 27, 2009, AmTrust Bank had total assets of approximately $12.0 billion and total deposits of approximately $8.0 billion. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.0 billion.

Buckhead Community Bank, Atlanta, GA.
The Buckhead Community Bank, Atlanta, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of The Buckhead Community Bank.

The Buckhead Community Bank and its six branches in Georgia operating under the following names: The Sandy Springs Community Bank, The Midtown Community Bank, The Alpharetta Community Bank, The Cobb Community Bank, The Forsyth Community Bank, and The Hall Community Bank, will reopen during normal business hours as branches of State Bank and Trust Company.

As of November 6, 2009, The Buckhead Community Bank had total assets of approximately $874.0 million and total deposits of approximately $838.0 million. State Bank and Trust Company did not pay the FDIC a premium for the deposits of The Buckhead Community Bank. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the failed bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $241.4 million.

First Security National Bank, Norcross, GA.
First Security National Bank, Norcross, Georgia, was closed by the Office of the Comptroller of the Currency (OCC), which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of First Security National Bank.

The four branches of First Security National Bank will reopen during normal business hours as branches of State Bank and Trust Company.

As of September 30, 2009, First Security National Bank had total assets of approximately $128.0 million and total deposits of approximately $123.0 million. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.1 million.

Tattnall Bank, Reidsville, GA.
The Tattnall Bank, Reidsville, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with HeritageBank of the South, Albany, Georgia, to assume all of the deposits of The Tattnall Bank.

The two branches of The Tattnall Bank will reopen during normal business hours as branches of HeritageBank of the South.

As of September 30, 2009, The Tattnall Bank had total assets of $49.6 million and total deposits of approximately $47.3 million. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.9 million.

Benchmark Bank, Aurora, IL.
Benchmark Bank, Aurora, Illinois, was closed by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago Illinois, to assume all of the deposits of Benchmark Bank.

The five branches of Benchmark Bank will reopen during normal business hours as branches of MB Financial Bank.

As of November 16, 2009, Benchmark Bank had total assets of approximately $170.0 million and total deposits of approximately $181.0 million. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64 million.

Greater Atlantic Bank, Reston, VA.
Greater Atlantic Bank, Reston, Virginia, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Sonabank, McLean, Virginia, to assume all of the deposits of Greater Atlantic Bank.

The four branches of Greater Atlantic Bank will reopen during normal business hours as branches of Sonabank.

As of October 20, 2009, Greater Atlantic Bank had total assets of approximately $203.0 million and total deposits of approximately $179.0 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $35 million.





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