Three Bank Failures Friday

Posted by Orb Staff on December 14, 2009 No Comments
Categories : Residential Mortgage

The fall of three banks Friday will cost the Federal Deposit Insurance Corp.'s (FDIC) Deposit Insurance Fund (DIF) an estimated $252.1 million.

The largest hit – $122.6 million – comes from the Office of the Comptroller of the Currency's closing of Miami-based Republic Federal Bank NA. Boca Raton, Fla.-based 1st United Bank entered into a purchase and assumption agreement with the FDIC to assume all of the deposits and $267.1 million of the bank's assets.

SolutionsBank, based in Overland Park, Kan., was also closed, costing the DIF approximately $122.1 million. Arvest Bank, in Fayetteville, Ark., bought essentially all SolutionsBank's $511.1 million in assets.

Mesa, Ariz.-based Valley Capital Bank NA was closed, and its assets were acquired by Enterprise Bank & Trust in Clayton, Mo. The closing is estimated to cost the DIF $7.4 million.

On the year, 133 FDIC-insured institutions have closed.

SOURCE: FDIC

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