7 Banks, 1 Credit Union Fail on Oct. 23

2009 Tally Now Stands at 124 Failed Institutions Seven banks and one credit union failed on Friday, Oct. 23, raising to 124 the number of 2009's failed institutions.

So far this year, 106 banks and 18 credit unions have been closed, acquired or placed into conservatorship.

Here is a rundown of the latest failures:

First Delta Credit Union
The National Credit Union Administration (NCUA) assumed control of operations at First Delta Federal Credit Union of Marks, Mississippi. NCUA's goal is to continue credit union service to the members and ensure safe and sound credit union operations.

Service to First Delta Federal Credit Union's 5,500 members will continue uninterrupted. Members can continue to conduct normal financial transactions - deposit and access funds, make loan payments and use share drafts.

First Delta Federal Credit Union is a full service credit union, with assets of $5 million, that provides financial service to people residing in Quitman, Panola, Tallahatchie and Coahoma counties in the state of Mississippi.

First Delta is the 18th credit union that the NCUA has publicly announced to have failed in 2009.

Partners Bank, Naples, FL.
Partners Bank, Naples, Florida, was closed by the Office of Thrift Supervision, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Partners Bank.

The two branches of Partners Bank will reopen on Monday as branches of Stonegate Bank. Depositors of Partners Bank will automatically become depositors of Stonegate Bank.

As of September 30, 2009, Partners Bank had total assets of $65.5 million and total deposits of approximately $64.9 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $28.6 million.

American United Bank, Lawrenceville, GA.
American United Bank, Lawrenceville, Georgia, was closed by the Georgia Department of Banking & Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of American United Bank.

The sole branch of American United Bank will reopen on Monday as a branch of Ameris Bank. Depositors of American United Bank will automatically become depositors of Ameris Bank.

As of August 11, 2009, American United Bank had total assets of $111 million and total deposits of approximately $101 million. Ameris Bank will pay the FDIC a premium of 1.02 percent to assume all of the deposits of American United Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $44 million.

Flagship National Bank, Bradenton, FL.
Flagship National Bank, Bradenton, Florida, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First Federal Bank of Florida, Lake City, Florida, to assume all of the deposits of Flagship National Bank.

The four branches of Flagship National Bank will reopen on Monday as branches of First Federal Bank of Florida. Depositors of Flagship National Bank will automatically become depositors of First Federal Bank of Florida.

As of August 31, 2009, Flagship National Bank had total assets of $190 million and total deposits of approximately $175 million. The FDIC and First Federal Bank of Florida entered into a loss-share transaction on approximately $130 million of Flagship National Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million.

Hillcrest Bank Florida, Naples, FL.
Hillcrest Bank Florida, Naples, Florida, was closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Hillcrest Bank Florida.

The six branches of Hillcrest Bank Florida will reopen on Monday as branches of Stonegate Bank. Depositors of Hillcrest Bank Florida will automatically become depositors of Stonegate Bank.

As of October 1, 2009, Hillcrest Bank Florida had total assets of $83 million and total deposits of approximately $84 million. Stonegate Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Hillcrest Bank Florida. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase $28 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45 million.

Bank of Elmwood, Racine, WI.
Bank of Elmwood, Racine, Wisconsin, was closed by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Tri City National Bank, Oak Creek, Wisconsin, to assume all of the deposits of Bank of Elmwood.

The five branches of Bank of Elmwood were to reopen on Saturday as branches of Tri City National Bank. Depositors of Bank of Elmwood will automatically become depositors of Tri City National Bank.

As of September 30, 2009, Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million. Tri City National Bank did not pay the FDIC a premium for the deposits of Bank of Elmwood.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $101.1 million.

Riverview Community Bank, Otsego, MN.
Riverview Community Bank, Otsego, Minnesota, was closed by the Minnesota Department of Commerce, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Riverview Community Bank.

The two branches of Riverview Community Bank were to reopen on Saturday as branches of Central Bank. Depositors of Riverview Community Bank will automatically become depositors of Central Bank.

As of August 31, 2009, Riverview Community Bank had total assets of $108 million and total deposits of approximately $80 million. Central Bank did not pay the FDIC a premium to assume all of the deposits of Riverview Community Bank. The FDIC and Central Bank entered into a loss-share transaction on approximately $75 million of Riverview Community Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20 million.

First Dupage Bank, Westmont, IL.
First Dupage Bank, Westmont, Illinois, was closed by the Illinois Department of Financial & Professional Regulation - Division of Banking, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois, to assume all of the deposits of First Dupage Bank.

The sole branch of First Dupage Bank was to reopen on Saturday as a branch of First Midwest Bank. Depositors of First Dupage Bank will automatically become depositors of First Midwest Bank.

As of July 31, 2009, First Dupage Bank had total assets of $279 million and total deposits of approximately $254 million. First Midwest Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of First Dupage Bank. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets. The FDIC and First Midwest Bank entered into a loss-share transaction on approximately $247 million of First Dupage Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million.





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