3 Banks Closed on Nov. 12Latest Tally: 168 Failures So Far in 2010
These failures raise the total number of failed institutions to 168 so far in 2010.
These are the latest closures:
Tifton Banking Company, Tifton, Ga., Darby Bank & Trust Co., Vidalia, Ga.
Tifton Banking Company, Tifton, Ga., and Darby Bank & Trust Co., Vidalia, Ga., were closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was appointed receiver. Ameris Bank, Moultrie, Ga. will acquire the banking operations including all the deposits of the two failed banks, which were not affiliated with each other.
The branches of the two closed institutions will reopen as branches of Ameris Bank. Tifton Banking Company had assets of $143.7 million, and Darby Bank & Trust Co. had total assets of $654.7 million.
The estimated cost to the Deposit Insurance Fund (DIF) will be $24.6 million for Tifton Banking Company, and $136.2 million for Darby Bank & Trust Co.
Copper Star Bank, Scottsdale, Ariz.
Copper Star Bank, Scottsdale, Ariz., was closed by the Superintendent of the Arizona Department of Financial Institutions. The FDIC was appointed receiver. The FDIC arranged for Stearns Bank National Association, St. Cloud, Minn., to assume all of the deposits of Copper Star Bank.
The three branches of Copper Star Bank will reopen as branches of Stearns Bank N.A. Copper Star Bank had $204 million in assets. The estimated cost to the DIF will be $43.6 million.