Five banks seized in FDIC Friday night special

| 31 July 2009 23:43

Here are the latest FDIC seizures:

First State Bank of Altus, Altus, Oklahoma

  • Total assets of $103.4 million and deposits of approximately $98.2 million
  • Estimated cost to the Deposit Insurance Fund (DIF): $25.2 million.

Integrity Bank, Jupiter, Florida

  • Total assets of $119 million and total deposits of approximately $102 million.
  • Stonegate Bank paid a premium of 0.20 percent to acquire the deposits.
  • Estimated cost to the Deposit Insurance Fund (DIF): $46 million

Peoples Community Bank, West Chester, Ohio

  • Total assets of $705.8 million and total deposits of approximately $598.2 million.
  • First Financial Bank, N.A. will pay the FDIC a premium of 1.5 percent to assume the deposits.
  • Estimated cost to the Deposit Insurance Fund (DIF): $129.5 million

First Bankamericano, Elizabeth, New Jersey

  • Total assets of $166 million and total deposits of approximately $157 million.
  • Estimated cost to the Deposit Insurance Fund (DIF): $15 million.

Mutual Bank, Harvey, Illinois

  • Total assets of $1.6 billion and total deposits of $1.6 billion.
  • The FDIC and United Central Bank entered into a loss-share transaction on approximately $1.3 billion of Mutual Bank’s assets.
  • Estimated cost to the Deposit Insurance Fund (DIF): $696 million.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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