Four Banks Closed on Feb. 19

21 Failed Banks, Credit Unions So Far in 2010 Four banks were closed by state and federal regulators on Friday, Feb. 19. The largest of the failed institutions was La Jolla Bank, a Pasadena, CA.-based bank with $3.6 billion in assets.

There have now been 21 failed banks and credit unions so far in 2010. See below for summaries of each of the new closings and acquisitions.

Marco Community Bank
Marco Community Bank, Marco Island, 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 Mutual of Omaha Bank, Omaha, Nebraska, to assume all of the deposits of Marco Community Bank.

The sole branch of Marco Community Bank was to reopen on Saturday as a branch of Mutual of Omaha Bank. Depositors of Marco Community Bank will automatically become depositors of Mutual of Omaha Bank.

As of December 31, 2009, Marco Community Bank had approximately $119.6 million in total assets and $117.1 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.1 million.

La Coste National Bank, La Coste, Texas
The La Coste National Bank, La Coste, Texas, 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 Community National Bank, Hondo, Texas, to assume all of the deposits of The La Coste National Bank.

The sole branch of The La Coste National Bank will reopen on Monday as a branch of Community National Bank.

As of December 31, 2009, The La Coste National Bank had approximately $53.9 million in total assets and $49.3 million in total deposits. Community National Bank will pay the FDIC a premium of 0.51 percent to assume all of the deposits of The La Coste National Bank. In addition to assuming all of the deposits of the failed bank, Community National Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.7 million.

George Washington Savings Bank, Orland Park, IL.
George Washington Savings Bank, Orland Park, 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 FirstMerit Bank, National Association, Akron, Ohio, to assume all of the deposits of George Washington Savings Bank.

The four branches of George Washington Savings Bank were to reopen on Saturday as branches of FirstMerit Bank, N.A.

As of December 31, 2009, George Washington Savings Bank had approximately $412.8 million in total assets and $397.0 million in total deposits. FirstMerit Bank, N.A. will pay the FDIC a premium of 0.31 percent to assume all of the deposits of George Washington Savings Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $141.4 million.

La Jolla Bank, La Jolla, CA.
La Jolla Bank, FSB, La Jolla, California, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, California, to assume all of the deposits of La Jolla Bank, FSB.

The 10 branches of La Jolla Bank, FSB will reopen on Monday as branches of OneWest Bank, FSB.

As of December 31, 2009, La Jolla Bank, FSB had approximately $3.6 billion in total assets and $2.8 billion in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $882.3 million.





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