Four Banks Closed on March 26

Year-to-Date Tally of Failed Institutions: 46 Four banks were closed by state and federal regulators on Friday, March 26, raising to 46 the number of failed banks and credit unions so far in 2010.

Below is a roundup of the latest failures:

McIntosh Commercial Bank
McIntosh Commercial Bank, Carrollton, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of McIntosh Commercial Bank.

The four branches of McIntosh Commercial Bank were to reopen during regular business hours beginning Saturday as branches of CharterBank. Depositors of McIntosh Commercial Bank will automatically become depositors of CharterBank.

As of December 31, 2009, McIntosh Commercial Bank had approximately $362.9 million in total assets and $343.3 million in total deposits. CharterBank did not pay the FDIC a premium to assume all of the deposits of McIntosh Commercial Bank. In addition to assuming all of the deposits, CharterBank 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 $123.3 million.

Key West Bank
Key West Bank, Key West, Florida, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Arkansas, to assume all of the deposits of Key West Bank.

The sole branch of Key West Bank was to reopen during normal business hours beginning Saturday as a branch of Centennial Bank. Depositors of Key West Bank will automatically become depositors of Centennial Bank.

As of December 31, 2009, Key West Bank had approximately $88.0 million in total assets and $67.7 million in total deposits. Centennial Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Key West Bank. In addition to assuming all of the deposits, Centennial Bank 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 $23.1 million.

Unity National Bank
Unity National Bank, Cartersville, Georgia, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Unity National Bank.

The five branches of Unity National Bank were to reopen on Saturday as branches of Bank of the Ozarks. Depositors of Unity National Bank will automatically become depositors of Bank of the Ozarks.

As of December 31, 2009, Unity National Bank had approximately $292.2 million in total assets and $264.3 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium to assume all of the deposits of Unity National Bank. In addition to assuming all of the deposits, Bank of the Ozarks 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 $67.2 million.

Desert Hills Bank
Desert Hills Bank, Phoenix, Arizona, was closed by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New York Community Bank, Westbury, New York, to assume all of the deposits of Desert Hills Bank.

The six branches of Desert Hills Bank will reopen on Monday as branches of New York Community Bank. Depositors of Desert Hills Bank will automatically become depositors of New York Community Bank.

As of December 31, 2009, Desert Hills Bank had approximately $496.6 million in total assets and $426.5 million in total deposits. New York Community Bank did not pay the FDIC a premium to assume all of the deposits of Desert Hills Bank. In addition to assuming all of the deposits, New York Community Bank 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 $106.7 million.





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