Seven Banks Closed on July 23

Update: 113 Failed Institutions So Far in 2010
Seven Banks Closed on July 23
Federal and state banking regulators closed seven banks on Friday, July 23, raising the number of failed institutions to 113 so far in 2010.

Here are the latest closings:

SouthwestUSA Bank, Las Vegas

SouthwestUSA Bank, Las Vegas, was closed by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Plaza Bank, Irvine, Calif., to assume all of the deposits of SouthwestUSA Bank.

The sole branch of SouthwestUSA Bank will reopen on Monday as a branch of Plaza Bank. SouthwestUSA Bank had approximately $214.0 million in total assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $74.1 million.

Sterling Bank, Lantana, Fla.

Sterling Bank, Lantana, Fla., was closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, La., to assume all of the deposits of Sterling Bank.

The six branches of Sterling Bank will reopen on Monday as branches of IBERIABANK. Sterling Bank had $407.9 million in total assets.

The FDIC estimates that the cost to the DIF will be $45.5 million.

Crescent Bank and Trust Company, Jasper, Ga.

Crescent Bank and Trust Company, Jasper, Ga., was closed by the Georgia Department of Banking & Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Renasant Bank, Tupelo, Miss., to assume all of the deposits of Crescent Bank and Trust Company.

The 11 branches of Crescent Bank and Trust Company were to reopen under normal business hours beginning Saturday as branches of Renasant Bank. Crescent Bank and Trust Company had approximately $1.01 billion in total assets.

The FDIC estimates that the cost to the DIF will be $242.4 million.

Home Valley Bank, Cave Junction, Ore.

Home Valley Bank, Cave Junction, Ore., was closed by the Oregon Department of Consumer and Business Services, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with South Valley Bank & Trust, Klamath Falls, Ore., to assume all of the deposits of Home Valley Bank.

The five branches of Home Valley Bank will reopen on Monday as branches of South Valley Bank & Trust. Home Valley Bank had approximately $251.80 million in total assets.

The FDIC estimates that the cost to the DIF will be $37.1 million.

Thunder Bank, Sylvan Grove, Kan.

Thunder Bank, Sylvan Grove, Kan., was closed by the Kansas Office of the State Bank Commissioner, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Bennington State Bank, Salina, Kan., to assume all of the deposits of Thunder Bank.

The two branches of Thunder Bank will reopen on Monday as branches of The Bennington State Bank. Thunder Bank had approximately $32.6 million in total assets.

The FDIC estimates that the cost to the DIF will be $4.5 million.

Williamsburg First National Bank, Kingstree, S.C.

Williamsburg First National Bank, Kingstree, S.C., 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 First Citizens Bank and Trust Company Inc., Columbia, S.C., to assume all of the deposits of Williamsburg First National Bank.

The five branches of Williamsburg First National Bank will reopen on Monday as branches of First Citizens Bank and Trust Company, Inc. Williamsburg First National Bank had approximately $139.3 million in total assets.

The FDIC estimates that the cost to the DIF will be $8.8 million.

Community Security Bank, New Prague, Minn.

Community Security Bank, New Prague, Minn., was closed by the Minnesota Department of Commerce, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Roundbank, Waseca, Minn., to assume all of the deposits of Community Security Bank.

The sole branch of Community Security Bank was to reopen on Saturday as a branch of Roundbank. Community Security Bank had approximately $108 million in total assets.

The FDIC estimates that the cost to the DIF will be $18.6 million.





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