Eight Banks Closed on Aug. 20

2010 Tally: 132 Failed Institutions
Eight Banks Closed on Aug. 20
Federal and state banking regulators closed eight banks on Friday, Aug. 20, raising the number of failed institutions to 132 so far in 2010. Two of the failed banks in Florida were purchased by a Florida bank. Another two in California were purchased by a California bank.

The latest closings are:

Imperial Savings and Loan Association, Martinsville, Va.

Imperial Savings and Loan Association, Martinsville, Virginia, was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC arranged for the River Community Bank, National Association, Martinsville, Virginia, to assume all of the deposits of Imperial Savings and Loan Association.

The sole branch of Imperial Savings and Loan Association will reopen as a branch of River Community Bank, N.A.

Imperial Savings and Loan Association had $9.4 million in assets. The estimated cost to the Deposit Insurance Fund (DIF) will be $3.5 million.

Community National Bank At Bartow, Bartow, Fla.

Community National Bank At Bartow, Bartow, Florida, was closed by the Office of the Comptroller of the Currency, which then appointed the FDIC as receiver. The FDIC arranged for CenterState Bank of Florida, National Association, Winter Haven, Florida, to assume all the deposits of the failed bank. CenterState Bank of Florida also bought Independent National Bank, Ocala, Florida. The two failed banks were not affiliated with one another.

The sole branch of the failed bank will reopen as a branch of CenterState Bank of Florida, N.A. Community National Bank At Bartow had assets of $67.9 million. The estimated cost to the DIF for Community National Bank At Bartow will be $10.3 million.

Independent National Bank, Ocala, Fla.

Independent National Bank, Ocala, Florida, was closed by the OCC, which then appointed the FDIC as receiver. The FDIC arranged for CenterState Bank of Florida, National Association, Winter Haven, Florida, to assume all the deposits and all the assets of the failed bank.

The four branches of the failed bank will reopen as branches of CenterState Bank of Florida. Independent National Bank had assets of $156.2 million. The estimated cost to the DIF for Independent National Bank is $23.2 million.

ShoreBank, Chicago, Ill.

ShoreBank, Chicago, Illinois, was closed by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC arranged for Urban Partnership Bank, Chicago, Illinois, a newly-chartered institution, to assume all of the deposits of ShoreBank.

The 15 branches of ShoreBank will reopen as branches of Urban Partnership Bank, including those in Detroit, Michigan, and Cleveland, Ohio.

ShoreBank had $2.16 billion in total assets. The estimated cost to the DIF will be $367.7 million.

Butte Community Bank, Chico, Ca.

Butte Community Bank, Chico, California, was closed by the California Department of Financial Institutions, which then appointed the FDIC as receiver for the bank. The FDIC arranged with Rabobank, National Association, El Centro, California, to assume the deposits of the failed bank. Rabobank also assumed the assets of Pacific State Bank at the same time. The two failed banks were not affiliated with one another.

Butte Community Bank's 14 branches will reopen as branches of Rabobank. Butte Community Bank had assets of $498.8 million. The estimated cost to the DIF for Butte Community Bank will be $17.4 million.

Pacific State Bank, Stockton, Ca.

Pacific State Bank, Stockton, California, was closed by the California Department of Financial Institutions. The FDIC was appointed as receiver for the failed bank. The FDIC arranged for Rabobank, N. A., El Centro, California, to buy all the assets of the failed bank.

Pacific State Bank's nine branches will reopen as branches of Rabobank. Pacific State Bank had assets of $312.1 million.

Los Padres Bank, Solvang, Ca.

Los Padres Bank, Solvang, California, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC arranged with Pacific Western Bank, San Diego, California, to assume all of the deposits of Los Padres Bank.

The 14 branches of Los Padres Bank will reopen as branches of Pacific Western Bank.

Los Padres Bank had $870.4 million in assets. The estimated cost to the DIF will be $8.7 million.

Sonoma Valley Bank, Sonoma, Ca.

Sonoma Valley Bank, Sonoma, California, was closed by the California Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC arranged for Westamerica Bank, San Rafael, California, to assume all of the deposits of Sonoma Valley Bank.

The three branches of Sonoma Valley Bank will reopen as branches of Westamerica Bank.

Sonoma Valley Bank had $337.1 million in assets. The estimated cost to the DIF will be $10.1 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.