Five Banks Closed on July 31

2009 Total Now Stands at 69 Failed Banks Editor's Note:See a full list of 2009 bank failures in our updated Interactive Map.

Five banks were closed by federal regulators on Friday, July 31, bringing the year's running total to 69 failed banks. The closed institutions include:

First BankAmericano, Elizabeth, New Jersey, closed by the New Jersey Department of Banking and Insurance, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Crown Bank, Brick, New Jersey, to assume all of the deposits of First BankAmericano.

First BankAmericano's six branches were to reopen on Saturday as branches of Crown Bank. Depositors of First BankAmericano will automatically become depositors of Crown Bank.

As of July 16, 2009, First BankAmericano had total assets of $166 million and total deposits of approximately $157 million. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $15 million.

First State Bank of Altus, Altus, Oklahoma, closed by the Oklahoma State Banking Department, which appointed the FDIC as receiver. The FDIC then entered into a purchase and assumption agreement with Herring Bank, Amarillo, Texas, to assume all of the deposits of First State Bank of Altus.

First State Bank of Altus's branches were to reopen on Saturday as branches of Herring Bank.

As of June 19, 2009, First State Bank of Altus had total assets of $103.4 million and deposits of approximately $98.2 million. In addition assuming all of the deposits of the failed bank, Herring Bank will purchase approximately $64.4 million in 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 $25.2 million.

Peoples Community Bank, West Chester, Ohio, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First Financial Bank, National Association, Hamilton, Ohio, to assume all of the deposits of Peoples Community Bank.

The 19 branches of Peoples Community Bank will reopen on Monday as branches of First Financial Bank, N.A. Depositors of Peoples Community Bank will automatically become depositors of First Financial Bank, N.A.

As of March 31, 2009, Peoples Community Bank had total assets of $705.8 million and total deposits of approximately $598.2 million. First Financial Bank, N.A. will pay the FDIC a premium of 1.5 percent to assume all of the deposits of Peoples Community Bank. In addition to assuming all of the deposits of the failed bank, First Financial Bank, N.A. agreed to purchase essentially all of the assets.

The FDIC and First Financial Bank, N.A. entered into a loss-share transaction on approximately $657.6 million of Peoples Community Bank's assets. First Financial Bank, N.A. will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $129.5 million.

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

The sole office of Integrity Bank will reopen on Monday as a branch of Stonegate Bank.

As of June 5, 2009, Integrity Bank had total assets of $119 million and total deposits of approximately $102 million. Stonegate Bank paid a premium of 0.20 percent to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase approximately $52 million of 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 $46 million.

Mutual Bank, Harvey, Illinois, was closed by the Illinois Department of Financial Professional Regulation - Division of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with United Central Bank, Garland, Texas, to assume all of the deposits of Mutual Bank.

Mutual Bank's 12 branches were to reopen on Saturday during normal business hours as branches of United Central Bank.

As of July 16, 2009, Mutual Bank had total assets of $1.6 billion and total deposits of approximately $1.6 billion. In addition to assuming all of the deposits of the failed bank, United Central Bank agreed to purchase essentially all of the assets.

The FDIC and United Central Bank entered into a loss-share transaction on approximately $1.3 billion of Mutual Bank's assets. United Central Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $696 million.





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