Bank Closings In Oregon, Illinois, Florida, Nebraska

Posted by Orb Staff on February 17, 2009 No Comments
Categories : Residential Mortgage

Pinnacle Bank in Beaverton, Ore., has been closed by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corp. (FDIC) receiver. The FDIC entered into a purchase and assumption agreement with Washington Trust Bank, based in Spokane, Wash., to assume all of the deposits of Pinnacle Bank. The FDIC and Washington Trust Bank entered into a loss-share transaction.

As of Dec. 31, 2008, Pinnacle Bank had total assets of approximately $73 million and total deposits of $64 million. In addition to assuming all of the deposits of the failed bank, including those from brokers, Washington Trust Bank agreed to purchase approximately $72 million in assets at a discount of $7.6 million. The FDIC will retain the remaining assets for later disposition.

Corn Belt Bank and Trust Co., located in Pittsfield, Ill., was closed by the Division of Banking, Illinois Department of Financial Regulation, which appointed the FDIC receiver. The FDIC entered into a purchase and assumption agreement with The Carlinville National Bank, based in Carlinville, Ill., to assume all of the deposits of Corn Belt Bank and Trust Co. As of Dec. 31, 2008, Corn Belt Bank and Trust Co. had total assets of approximately $271.8 million and total deposits of $234.4 million.

Riverside Bank of the Gulf Coast, located in Cape Coral, Fla., was closed by the Florida Office of Financial Regulation, which appointed the FDIC receiver. The FDIC entered into a purchase and assumption agreement with TIB Bank, based in Naples, Fla., to assume all of the deposits of Riverside Bank. As of Dec. 31, 2008, Riverside Bank had total assets of approximately $539 million and total deposits of $424 million.

Sherman County Bank, located in Loup City, Neb., was closed by the Nebraska Department of Banking and Finance, which appointed the FDIC receiver. The FDIC entered into a purchase and assumption agreement with Heritage Bank, located in Wood River, Neb., to assume all of the deposits of Sherman County Bank. As of Feb.12, 2009, Sherman County Bank had total assets of approximately $129.8 million and total deposits of $85.1 million. Heritage Bank will pay the FDIC a premium of 6%.

SOURCE: FDIC

Register here to receive our Latest Headlines email newsletter




Leave a Comment