FDIC Announces Failure Of Two Community Banks

Posted by Orb Staff on March 26, 2012 No Comments
Categories : Residential Mortgage

11172_fdic FDIC Announces Failure Of Two Community Banks The Federal Deposit Insurance Corp. (FDIC) has announced the failure of two community banks.

Premier Bank, based in Wilmette, Ill., was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with International Bank of Chicago to assume all of the deposits of Premier Bank. As of Dec. 31, 2011, Premier Bank had approximately $268.7 million in total assets and $199.0 million in total deposits.

Separately, Covenant Bank & Trust of Rock Spring, Ga., was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Stearns Bank NA of St. Cloud, Minn., to assume all of the deposits of Covenant Bank & Trust. As of Dec. 31, 2011, Covenant Bank & Trust had approximately $95.7 million in total assets and $90.6 million in total deposits.

To date, 15 banks have failed during 2012.

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