FDIC Closes Four More Banks

Posted by Orb Staff on November 08, 2010 No Comments
Categories : Residential Mortgage

7083_piggy_bank FDIC Closes Four More Banks Four banks insured by the Federal Deposit Insurance Corp. (FDIC) closed Friday, including two in California, bringing the total number of bank failures this year to 144.

The biggest institution to fall Friday was Randallstown, Md.-based K Bank, which had $538.3 million in total assets at the end of September. Buffalo, N.Y.-based Manufacturers and Traders Trust Co. (M&T Bank) agreed to assume all of the non-brokered deposits and $410.8 million of K Bank's assets.

Olympia, Wash.-based Heritage Bank picked up the deposits and assets of Pierce Commercial Bank, which was closed by state regulators. The Tacoma, Wash.-based bank had approximately $221.1 million in total assets as of Sept. 30.

In California, First Vietnamese American Bank, of Westminster, and Western Commercial Bank, of Woodland Hills, were shuttered. Los Angeles-based Grandpoint Bank agreed to assume ‘essentially all’ of First Vietnamese American Bank's assets, which totaled $48 million at the end of September. Westlake Village, Calif.-based First California Bank assumed Western Commercial Bank's assets, which were about $98.6 million as of Sept. 30.

The FDIC estimates the four closings will cost the Deposit Insurance Fund about $254.5 million.

SOURCE: FDIC

Register here to receive our Latest Headlines email newsletter




Leave a Comment