Three Banks Closed on Dec. 11

Year's Total Now Stands at 163 Failed Institutions Three banks were closed by state and federal regulators on Friday, Dec. 11.

With these closings, the year's tally of failed institutions rises to 163 - 133 banks and 30 credit unions that have been closed, acquired or placed into conservatorship.

Here is a roundup of the latest closings:

Republic Federal Bank, Miami, FL.
Republic Federal Bank, National Association, Miami, Florida, was closed by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC then entered into a purchase and assumption agreement with 1st United Bank, Boca Raton, Florida, to assume all of the deposits of Republic Federal Bank, N.A.

The four branches of Republic Federal Bank, N.A. will reopen on Monday as branches of 1st United Bank. Depositors of Republic Federal Bank, N.A. will automatically become depositors of 1st United Bank.

As of September 30, 2009, Republic Federal Bank, N.A. had total assets of approximately $433.0 million and total deposits of approximately $352.7 million. 1st United Bank will pay the FDIC a premium of 1.2 percent to assume all of the deposits of Republic Federal Bank, N.A. In addition to assuming all of the deposits of the failed bank, 1st United Bank agreed to purchase $267.1 million of the failed bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $122.6 million.

Valley Capital Bank, Mesa, AZ.
Valley Capital Bank, National Association, Mesa, Arizona, was closed by the OCC, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, Missouri, to assume all of the deposits of Valley Capital Bank.

Valley Capital Bank's sole branch will reopen on Monday as a branch of Enterprise Bank.

As of September 30, 2009, Valley Capital Bank had total assets of approximately $40.3 million and total deposits of approximately $41.3 million. Enterprise Bank paid the FDIC a 2 percent premium for the right to assume all of the deposits of Valley Capital Bank. In addition to assuming all of the deposits of the failed bank, Enterprise 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 $7.4 million.

SolutionsBank, Overland Park, KS.
SolutionsBank, Overland Park, Kansas, was closed by the Office of the State Bank Commissioner of Kansas, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Arvest Bank, Fayetteville, Arkansas, to assume all of the deposits of SolutionsBank.

The six branches of SolutionsBank were to reopen during normal business hours on Saturday as branches of Arvest Bank.

As of September 30, 2009, SolutionsBank had total assets of $511.1 million and total deposits of approximately $421.3 million. Arvest Bank did not pay the FDIC a premium for the deposits of SolutionsBank. In addition to assuming all of the deposits of the failed bank, Arvest Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $122.1 million.





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