Four Bank Closings Friday

Posted by Orb Staff on March 29, 2010 No Comments
Categories : From The Orb

Forty-one banks have failed this year, with Federal Deposit Insurance Corp. (FDIC)-insured institutions in Georgia, Arizona and Florida closing their doors Friday.

Phoenix-based Desert Hills Bank was closed by the Arizona Department of Financial Institutions, and its assets were picked up by Westbury, N.Y.-based New York Community Bank. The FDIC and New York Community Bank entered into a loss-share transaction on $325.9 million of Desert Hills Bank's assets.

The Office of Thrift Supervision closed Key West, Fla.-based Key West Bank, whose assets were assumed by Centennial Bank in Conway, Ark. The FDIC and Centennial Bank entered into a loss-share transaction on $75.8 million of Key West Bank's assets.

Rounding out the closures were two bank failures in Georgia. The Office of the Comptroller of the Currency closed Cartersville-based Unity National Bank, and the Georgia Department of Banking and Finance closed McIntosh Commercial Bank in Carrollton.

Unity National Bank's assets were acquired by Little Rock, Ark.-based Bank of the Ozarks, which entered into a loss-share transaction with the FDIC on $206.1 million of the failed bank's assets. McIntosh Commercial Bank's assets were acquired by West Point, Ga.-based CharterBank, which entered into a loss-share agreement on $263.1 million of McIntosh's assets.

SOURCE: Federal Deposit Insurance Corp.

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