Five Banks Closed on Jan. 22

Charter Bank, Santa Fe, is Largest of Failed Institutions Five banks were closed by state and federal regulators on Friday, Jan. 22. The largest of the failed institutions was Charter Bank, a $1.2 billion bank based in Santa Fe, NM.

These latest closings now raise to 10 the total number of failed institutions so far in 2010. See below for summaries of the latest failures.

Premier American Bank
Premier American Bank, Miami, Florida, was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, a newly-chartered national institution, to assume all of the deposits of Premier American Bank. Premier American Bank, N.A. is a subsidiary of Bond Street Holdings, LLC, Naples, Florida.

The four branches of Premier American Bank will reopen on Monday as branches of Premier American Bank, N.A. Depositors of Premier American Bank will automatically become depositors of Premier American Bank, N.A.

As of September 30, 2009, Premier American Bank had approximately $350.9 million in total assets and $326.3 million in total deposits. Premier American Bank, N.A. did not pay the FDIC a premium for the deposits of Premier American Bank. In addition to assuming all of the deposits of the failed bank, Premier American Bank, N.A. agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $85 million.

Bank of Leeton
Bank of Leeton, Leeton, Missouri, was closed today by the Missouri Division of Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Sunflower Bank, National Association, Salina, Kansas, to assume all of the deposits of Bank of Leeton.

The sole branch of Bank of Leeton was to reopen on Saturday as a branch of Sunflower Bank, N.A. Depositors of Bank of Leeton will automatically become depositors of Sunflower Bank, N.A.

As of December 31, 2009, Bank of Leeton had approximately $20.1 million in total assets and $20.4 million in total deposits. Sunflower Bank, N.A. will pay the FDIC a premium of 0.59 percent to assume all of the deposits of Bank of Leeton. The FDIC as receiver will retain most of the assets from Bank of Leeton for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.1 million.

Charter Bank
Charter Bank, Santa Fe, New Mexico, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Charter Bank, Albuquerque, New Mexico, a newly-chartered federal savings bank and a subsidiary of Beal Financial Corporation, Plano, Texas, to assume all of the deposits of Charter Bank.

The eight branches of Charter Bank will reopen on Monday as branches of Charter Bank. Depositors of Charter Bank will automatically become depositors of Charter Bank.

As of September 30, 2009, Charter Bank had approximately $1.2 billion in total assets and $851.5 million in total deposits. Charter Bank did not pay the FDIC a premium for the deposits of Charter Bank. In addition to assuming all of the deposits of the failed bank, Charter Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $201.9 million.

Evergreen Bank
Evergreen Bank, Seattle, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume all of the deposits of Evergreen Bank.

The seven branches of Evergreen Bank will reopen on Monday as branches of Umpqua Bank. Depositors of Evergreen Bank will automatically become depositors of Umpqua Bank.

As of September 30, 2009, Evergreen Bank had approximately $488.5 million in total assets and $439.4 million in total deposits. Umpqua Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Evergreen Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.2 million.

Columbia River Bank
Columbia River Bank, The Dalles, Oregon, was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of Columbia River Bank.

The 21 branches of Columbia River Bank were to reopen during their normal business hours beginning Saturday as branches of Columbia State Bank.

As of September 30, 2009, Columbia River Bank had approximately $1.1 billion in total assets and $1.0 billion in total deposits. Columbia State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Columbia River Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $172.5 million.





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