Two Community Banks Are Shut Down

Posted by Orb Staff on November 05, 2012 No Comments
Categories : Residential Mortgage

12689_closed Two Community Banks Are Shut Down The Federal Deposit Insurance Corp. (FDIC) has announced the closure of two community banks.

Citizens First National Bank, based in Princeton, Ill., was closed by the Office of the Comptroller of the Currency. The FDIC, acting as receiver, entered into a purchase and assumption agreement with Heartland Bank and Trust Co., based in Bloomington, Ill., to assume all of the deposits of Citizens First National Bank. As of Sept. 30, Citizens First National Bank had approximately $924 million in total assets and $869.4 million in total deposits.

Heritage Bank of Florida, base in Lutz, Fla., was closed by the Florida Office of Financial Regulation. The FDIC, acting as receiver, entered into a purchase and assumption agreement with Centennial Bank of Conway, Ark., to assume all of the deposits of the closed bank. As of Sept. 30, Heritage Bank of Florida had approximately $225.5 million in total assets and $223.3 million in total deposits.

The closure of the two banks brings the year's total number of failed banks to 49.

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