Four Banks Closed on July 9

Latest Tally: 100 Failed Institutions So Far in 2010 Federal and state banking regulators closed four banks on Friday, July 9, raising the number of failed institutions to 100 so far in 2010.

The latest closings are:

Bay National Bank, Baltimore

Bay National Bank, Baltimore, Md., was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC entered into a purchase and assumption agreement with Bay Bank, FSB, Lutherville, Maryland, to assume all deposits of Bay National Bank.

Bay National Bank had approximately $282.2 million in assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million.

Ideal Federal Savings Bank, Baltimore

The FDIC has approved the payout of the insured deposits of Ideal Federal Savings Bank. The bank was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver.

Ideal Federal Savings Bank had approximately $6.3 million in assets.

The FDIC estimates that the cost to the DIF will be $2.1million.

USA Bank, Port Chester, N.Y.

USA Bank, Port Chester, N.Y., was closed by the New York State Banking Department, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customer's 1st Bank), Phoenixville, Pa., to assume all of the deposits of USA Bank.

USA Bank had approximately $193.3 million in assets.

The FDIC estimates that the cost to the DIF will be $61.7 million.

Home National Bank, Blackwell, Okla.

Home National Bank, Blackwell, Okla, 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 RCB Bank, Claremore, Okla., to assume all of the deposits of Home National Bank. In a separate transaction with the FDIC, Enterprise Bank & Trust, Clayton, Mo., agreed to purchase approximately $260.8 million of Home National Bank's assets. The FDIC will retain the remaining assets for later disposition.

Home National Bank had approximately $644.5 million in assets.

The FDIC estimates that the cost to the DIF will be $78.7 million.





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