Three Banks Closed Friday

Posted by Orb Staff on June 28, 2010 No Comments
Categories : Commercial Mortgage

egulators closed the following three banks Friday: Englewood, Fla.-based Peninsula Bank; Savannah, Ga.-based First National Bank; and Albuquerque, N.M.-based High Desert State Bank. Miami-headquartered Premier American Bank entered into a deal with the Federal Deposit Insurance Corp. (FDIC) to purchase essentially all of Peninsula Bank's assets. As of the end of March, Peninsula Bank had approximately $644.3 million in assets. The FDIC and Premier American Bank entered into a loss-share transaction on $437.6 of the failed bank's assets. The FDIC will retain most of the assets of First National Bank for later disposition. The assets totaled $252.5 million at the end of March. The Savannah Bank NA acquired some of the assets, the FDIC says. Artesia, N.M.-based First American Bank has agreed to purchase essentially all of the assets of High Desert State Bank. The assets were valued at $80.3 million at the end of March, and the FDIC and First American Bank entered into a loss-share transaction on $67.l6 million of the failed bank's assets. SOURCE: [link=http://www.fdic.gov]Federal Deposit Insurance Corp.

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