Two More Banks Fail

Posted by Orb Staff on May 26, 2009 No Comments
Categories : Residential Mortgage

ition to seizing and selling [link=http://www.mortgageorb.com/e107_plugins/content/content_lt.php?content.3566][u]BankUnited FSB[/u][/link] last week, the Federal Deposit Insurance Corp. (FDIC) received and released Citizens National Bank and Strategic Capital Bank. The deposits belonging to Citizens National Bank, Macomb, Ill., went to Morton Community Bank in Morton, Ill., while Strategic Capital Bank's deposits were purchased by Midland States Bank, Effingham, Ill. As of May 13, Citizens National Bank had total assets of $437 million and total deposits of approximately $400 million. Morton Community Bank agreed to purchase approximately $240 million of assets. The FDIC will retain the remaining assets for later disposition. As of the same date, Strategic Capital Bank had total assets of $537 million and total deposits of approximately $471 million. In addition to assuming all of the deposits of the failed bank, Midland States Bank agreed to purchase approximately $536 million of assets. The FDIC will retain the remaining assets for later disposition. SOURC

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