FDIC Announces Closure Of Four Community Banks

Posted by Orb Staff on June 11, 2012 No Comments
Categories : Residential Mortgage

11746_closed FDIC Announces Closure Of Four Community Banks The Federal Deposit Insurance Corp. (FDIC) was named the receiver of four community banks that were shut down over the weekend.

Waccamaw Bank, based in Whiteville, N.C., was shut down by the North Carolina Office of the Commissioner of Banks. The FDIC entered into a purchase and assumption agreement with First Community Bank, based in Bluefield, Va., to assume all of the deposits of Waccamaw Bank. As of March 31, Waccamaw Bank had approximately $533.1 million in total assets and $472.7 million in total deposits.Â

Farmers and Traders State Bank, based in Shabbona, Ill., was closed by the Illinois Department of Financial and Professional Regulation. The FDIC entered into a purchase and assumption agreement with First State Bank of Mendota, Ill., to assume all of the deposits of Farmers and Traders State Bank. As of March 31, Farmers and Traders State Bank had approximately $43.1 million in total assets and $42.3 million in total deposits.

Carolina Federal Savings Bank, based in Charleston, S.C., was closed by the Office of the Comptroller of the Currency. The FDIC entered into a purchase and assumption agreement with Bank of North Carolina in Thomasville, N.C., to assume all of the deposits of Carolina Federal Savings Bank. As of March 31, Carolina Federal Savings Bank had approximately $54.4 million in total assets and $53.1 million in total deposits.

First Capital Bank, based in Kingfisher, Okla., was closed by the Oklahoma State Banking Department. The FDIC entered into a purchase and assumption agreement with F & M Bank, based in Edmond, Okla., to assume all of the deposits of First Capital Bank. As of March 31, First Capital Bank had approximately $46.1 million in total assets and $44.8 million in total deposits.

The quartet of newly closed banks brings the year-to-date number of failed banks to 28.

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