4 Banks Closed on Feb. 11

2011 Tally of Failed Institutions: 19
4 Banks Closed on Feb. 11
Federal and state regulators closed four banks on Friday, Feb.11.

These latest announcements of failed institutions make the total 19 so far in 2011.

The latest failures:

Pacific Canyon National Bank, Palm Springs, Calif.

Canyon National Bank, Palm Springs, Calif., was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Pacific Premier Bank, Costa Mesa, Calif., to assume all of the deposits of Canyon National Bank.

The three branches of Canyon National Bank were to reopen during their normal business hours beginning Saturday as branches of Pacific Premier Bank. Depositors of Canyon National Bank will automatically become depositors of Pacific Premier Bank.

As of Dec. 31, Canyon National Bank had approximately $210.9 million in total assets and $205.3 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $10 million.

Badger State Bank, Cassville, Wis.

Badger State Bank, Cassville, Wis., was closed by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Royal Bank, Elroy, Wis., to assume all of the deposits of Badger State Bank.

The sole branch of Badger State Bank was to reopen on Saturday as a branch of Royal Bank. Depositors of Badger State Bank will automatically become depositors of Royal Bank.

As of Dec. 31, Badger State Bank had approximately $83.8 million in total assets and $78.5 million in total deposits.

The FDIC estimates that the cost to the DIF will be $17.5 million.

Peoples State Bank, Hamtramck, Mich.

Peoples State Bank, Hamtramck, Mich., was closed by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Michigan Bank, Troy, Mich., to assume all of the deposits of Peoples State Bank.

The 10 branches of Peoples State Bank were to reopen on Saturday as branches of First Michigan Bank. Depositors of Peoples State Bank will automatically become depositors of First Michigan Bank.

As of Dec. 31, Peoples State Bank had approximately $390.5 million in total assets and $389.9 million in total deposits.

The FDIC estimates that the cost to the DIF will be $87.4 million.

Sunshine State Community Bank, Port Orange, Fla.

Sunshine State Community Bank, Port Orange, 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 Premier American Bank, National Association, Miami, to assume all of the deposits of Sunshine State Community Bank.

The five branches of Sunshine State Community Bank were to reopen during their normal business hours beginning Saturday as branches of Premier American Bank. Depositors of Sunshine State Community Bank will automatically become depositors of Premier American Bank.

As of Dec. 31, Sunshine State Community Bank had approximately $125.5 million in total assets and $116.7 million in total deposits.

The FDIC estimates that the cost to the DIF will be $30 million.


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