Two Banks Fail on Friday, Oct. 1

Actions Raise 2010 Tally to 146 Failed Institutions
Two Banks Fail on Friday, Oct. 1
Federal and state banking regulators closed two banks on Friday, Oct. 1

These bank failures raise the total number of failed institutions to 146 so far in 2010.

The latest failures are:

Wakulla Bank, Crawfordville, Fla.

Wakulla Bank, Crawfordville, Fla., was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Ark., to assume all of the deposits of Wakulla Bank.

The 12 branches of Wakulla Bank were to reopen on Saturday as branches of Centennial Bank. Depositors of Wakulla Bank will automatically become depositors of Centennial Bank.

Wakulla Bank had approximately $424.1 million in total assets.

The cost to the FDIC Deposit Insurance Fund is estimated to be $113.4 million.

Shoreline Bank, Shoreline, Wash.

Shoreline Bank, Shoreline, Wash., was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with GBC International Bank, Los Angeles, to assume all of the deposits of Shoreline Bank.

The three branches of Shoreline Bank were to reopen during their normal business hours beginning Saturday as branches of GBC International Bank. Depositors of Shoreline Bank will automatically become depositors of GBC International Bank.

Shoreline Bank had approximately $104.2 million in assets.

The cost to the FDIC DIF is estimated to be $41.4 million.





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