FDIC-Insured Failures Rise To 45 For The Year

Posted by Orb Staff on June 29, 2009 No Comments
Categories : Residential Mortgage

nstitutions insured by the Federal Deposit Insurance Corp. (FDIC), including two each in Georgia and California and one in Minnesota, were closed Friday, bringing the total for 2009 to 45. The FDIC estimates the total cost of the five failures to its Deposit Insurance Fund to be $264.2 million. Community Bank of West Georgia and Neighborhood Community Bank were both closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Neighborhood Community Bank's deposits will be assumed by West Point, Ga.-based CharterBank, which entered into a purchase and assumption agreement with the FDIC. In California, Irvine-based MetroPacific Bank and Los Angeles-based Mirae Bank were closed by the California Department of Financial Institutions. The FDIC, again acting as receiver, entered into purchase and assumption agreements with SunWest Bank to assume MetroPacific's deposits (minus those from brokers) and with Wilshire State Bank to assume all of Mirae Bank's deposits. Horizon Bank in Pine City, Minn., was closed by the Minnesota Department of Commerce. Stearns Bank in St. Cloud, Minn., has agreed to assume all of Horizon's deposits. SOURC

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