6 Banks Closed on Sept. 17

Actions Raise 2010 Tally to 140 Failed Institutions
6 Banks Closed on Sept. 17
Federal and state banking regulators closed six banks on Friday, Sept. 17

These failures raise the total number of failed institutions to 140 so far in 2010.

The latest failures are:

ISN Bank, Cherry Hill, New Jersey

ISN Bank, Cherry Hill, N.J., was closed by the New Jersey Department of Banking and Insurance, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC entered into a purchase and assumption agreement with New Century Bank (d.b.a., Customers Bank), Phoenixville, Pa., to assume all of the deposits of ISN Bank.

The sole branch of ISN Bank will reopen on Monday as a branch of Customers Bank. Depositors of ISN Bank will automatically become depositors of Customers Bank.

ISN Bank had approximately $81.6 million in total assets.

The cost to the FDIC Insurance Fund is estimated to be $23.9 million.

Bank of Ellijay, First Commerce Community Bank, The Peoples Bank, Ga.

The Bank of Ellijay, Ellijay, First Commerce Community Bank, Douglasville, and The Peoples Bank, Winder, were closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Community & Southern Bank, Carrollton, Ga., acquired the banking operations of all three banks, including all the deposits.

All of the branches of the three closed institutions will reopen as branches of Community & Southern Bank under their normal business hours, including those with Saturday hours. Depositors will automatically become depositors of Community & Southern Bank.

Bank of Ellijay had approximately $168.8 million in total assets. First Commerce Community Bank had approximately $248.2 million in total assets. The Peoples Bank had $447.2 million in total assets.

The FDIC estimates that the cost to DIF for Bank of Ellijay will be $55.2 million; for First Commerce Community Bank, $71.4 million; and for The Peoples Bank, $98.9 million.

Bramble Savings Bank, Milford, Ohio

Bramble Savings Bank, Milford, Ohio, was closed by the Ohio Division of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Foundation Bank, Cincinnati, to assume all of the deposits of Bramble Savings Bank.

The sole branch of Bramble Savings Bank was to reopen on Saturday as a branch of Foundation Bank. Depositors of Bramble Savings Bank will automatically become depositors of Foundation Bank.

Bramble Savings Bank had approximately $47.5 million in total assets.

The cost to the FDIC DIF is estimated to be $14.6 million.

Maritime Savings Bank, West Allis, Wis.

Maritime Savings Bank, West Allis, Wis., was closed by Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with North Shore Bank, FSB, Brookfield, Wis., to assume all of the deposits of Maritime Savings Bank.

The nine branches of Maritime Savings Bank were to reopen during normal business hours, beginning Saturday as branches of North Shore Bank, FSB.

Maritime Savings Bank had approximately $350.5 million in total assets.

The cost to the FDIC DIF is estimated to be $83.6 million.





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