Bank Failures Rise To 81 On The Year

Posted by Orb Staff on June 07, 2010 No Comments
Categories : Residential Mortgage

banks – Lincoln, Neb.-based TierOne Bank; Arcola, Ill.-based Arcola Homestead Savings Bank; and Rosedale, Miss.-based First National Bank – were closed by regulators Friday. [link=http://www.fdic.gov/news/news/press/2010/pr10132.html]TierOne Bank[/link] was closed by the Office of Thrift Supervision, and its deposits and assets were sold to Great Western Bank in Sioux Falls, S.D. As of March 31, TierOne Bank had approximately $2.8 billion in total assets and $2.2 billion in total deposits. The Federal Deposit Insurance Corp. (FDIC) and Great Western Bank entered into a loss-share transaction on $1.9 billion of TierOne Bank's assets. The Illinois Department of Financial Professional Regulation – Division of Banking closed [link=http://www.fdic.gov/news/news/press/2010/pr10131.html]Arcola Homestead Savings Bank[/link]. As the FDIC was unable to find a financial institution to take over the failed bank, the regulator approved the payout of Arcola Homestead Savings Bank's insured deposits. [link=http://www.fdic.gov/news/news/press/2010/pr10130.html]First National Bank[/link] was closed by the Office of the Comptroller of the Currency, with The Jefferson Bank, in Fayette, Miss., agreeing to assume all of the deposits and essentially all of the assets of the failed bank. As of March 31, First National Bank had approximately $60.4 million in total assets and $63.5 million in total deposits. The FDIC and The Jefferson Bank entered into a loss-share transaction on $43.5 million of First National Bank's assets. SOURCE: [link=http://www.fdic.gov]Federal Deposit Insurance Corp.

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