Bank Failures Concentrated In Sand States

Posted by Orb Staff on June 01, 2010 No Comments
Categories : Residential Mortgage

inancial institutions – one in Nevada, one in California and three in Florida – joined this year's list of bank failures Friday, according to the Federal Deposit Insurance Corp. (FDIC). Jacksonville, Fla.-based [link=http://www.fdic.gov/news/news/press/2010/pr10125.html]EverBank[/link] agreed to purchase the assets and deposits of Bank of Florida – Southeast (Fort Lauderdale, Fla.), Bank of Florida – Southwest (Naples, Fla.) and Bank of Florida – Tampa Bay (Tampa), all of which were closed by the Florida Office of Financial Regulation. EverBank and the FDIC entered into a loss-share transactions on each deal. As of March 31, the three banks had assets totaling about $1.48 billion. Las Vegas-based [link=http://www.fdic.gov/news/news/press/2010/pr10127.html]Sun West Bank[/link], which held about $360.7 million in assets at the end of the first quarter, was closed, with Los Angeles-based City National Bank picking up its assets and deposits. City National Bank and the FDIC entered into a loss-share agreement on $280 million of Sun West's assets. [link=http://www.fdic.gov/news/news/press/2010/pr10126.html]Granite Community Bank NA[/link], based in Granite Bay, Calif., was also shuttered. The bank had approximately $102.9 million in assets as of March 31. Chica, Calif.-based Tri Counties Bank picked up the failed institution's assets and deposits, entering into a loss-share agreement with the FDIC on about $89.2 million of assets. The FDIC estimates that the bank failures' cost to the Deposit Insurance Fund will total about $317 million. SOURCE: [link=http://www.fdic.gov]Federal Deposit Insurance Corp.

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