Portal Seven | Banks Acquiring Failed Banks : Details of bank Acquisition

Banks Acquiring Failed Banks

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Banks failed in 2011

# 368

Failed Bank	:	McIntosh State Bank - Jackson, Georgia
Date Closed	:	June 17, 2011
Assets	:	$339.9 million
Deposits	:	$324.4 million

Acquiring Bank	:	Hamilton State Bank - Hoschton, Georgia
Assets Purchased	:	$339.9 million
Deposits Purchased	:	$324.4 million
Premium paid for acquiring deposits	:	0.50 percent
Loss Sharing Agreement with FDIC for assets	:	$242.1 million
Cost to the Deposit Insurance Fund	:	$80.0 million

Notes

As of March 31, 2011, McIntosh State Bank had approximately $339.9 million in total assets and $324.4 million in total deposits. Hamilton State Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of McIntosh State Bank. In addition to assuming all of the deposits of the failed bank, Hamilton State Bank agreed to purchase essentially all of the assets.

# 367

Failed Bank	:	Atlantic Bank and Trust - Charleston, South Carolina
Date Closed	:	June 03, 2011
Assets	:	$208.2 million
Deposits	:	$191.6 million

Acquiring Bank	:	First Citizens Bank and Trust Company, Inc. - Columbia, South Carolina
Assets Purchased	:	$208.2 million
Deposits Purchased	:	$191.6 million
Premium paid for acquiring deposits	:	0.75 percent
Loss Sharing Agreement with FDIC for assets	:	$141.8 million
Cost to the Deposit Insurance Fund	:	$36.4 million

Notes

As of March 31, 2011, Atlantic Bank and Trust had approximately $208.2 million in total assets and $191.6 million in total deposits. First Citizens Bank and Trust Company, Inc. will pay the FDIC a premium of 0.75 percent to assume all of the deposits of Atlantic Bank and Trust. In addition to assuming all of the deposits of the failed bank, First Citizens Bank and Trust Company, Inc. agreed to purchase essentially all of the assets.

# 366

Failed Bank	:	First Heritage Bank - Snohomish, Washington
Date Closed	:	May 27, 2011
Assets	:	$173.5 million
Deposits	:	$163.3 million

Acquiring Bank	:	Columbia State Bank - Tacoma, Washington
Assets Purchased	:	$173.5 million
Deposits Purchased	:	$163.3 million
Premium paid for acquiring deposits	:	0.75 percent
Loss Sharing Agreement with FDIC for assets	:	$142.2 million
Cost to the Deposit Insurance Fund	:	$34.9 million

Notes

As of March 31, 2011, First Heritage Bank had approximately $173.5 million in total assets and $163.3 million in total deposits. Columbia State Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of First Heritage Bank. In addition to assuming all of the deposits of the failed bank, Columbia State Bank agreed to purchase essentially all of the assets.

# 365

Failed Bank	:	Summit Bank - Burlington, Washington
Date Closed	:	May 20, 2011
Assets	:	$142.7 million
Deposits	:	$131.6 million

Acquiring Bank	:	Columbia State Bank - Tacoma, Washington
Assets Purchased	:	$142.7 million
Deposits Purchased	:	$131.6 million
Premium paid for acquiring deposits	:	0.75 percent
Loss Sharing Agreement with FDIC for assets	:	$113.4 million
Cost to the Deposit Insurance Fund	:	$15.7 million

Notes

As of March 31, 2011, Summit Bank had approximately $142.7 million in total assets and $131.6 million in total deposits. Columbia State Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of Summit Bank. In addition to assuming all of the deposits of the failed bank, Columbia State Bank agreed to purchase essentially all of the assets.

# 364

Failed Bank	:	First Georgia Banking Company - Franklin, Georgia
Date Closed	:	May 20, 2011
Assets	:	$731.0 million
Deposits	:	$702.2 million

Acquiring Bank	:	CertusBank, National Association - Easley, South Carolina
Assets Purchased	:	$731.0 million
Deposits Purchased	:	$702.2 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$452.1 million
Cost to the Deposit Insurance Fund	:	$156.5 million

Notes

As of March 31, 2011, Atlantic Southern Bank had total assets of $741.9 million and total deposits of $707.6 million; and First Georgia Banking Company had total assets of $731.0 million and total deposits of $702.2 million. Besides assuming all the deposits from the two Georgia banks, CertusBank, N.A. will purchase essentially all of their assets.

# 363

Failed Bank	:	Atlantic Southern Bank - Macon, Georgia
Date Closed	:	May 20, 2011
Assets	:	$741.9 million
Deposits	:	$707.6 million

Acquiring Bank	:	CertusBank, National Association - Easley, South Carolina
Assets Purchased	:	$741.9 million
Deposits Purchased	:	$707.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$585.1 million
Cost to the Deposit Insurance Fund	:	$273.5 million

Notes

# 362

Failed Bank	:	Coastal Bank - Cocoa Beach, Florida
Date Closed	:	May 06, 2011
Assets	:	$129.4 million
Deposits	:	$123.9 million

Acquiring Bank	:	Premier American Bank, National Association - Miami, Florida
Assets Purchased	:	$129.4 million
Deposits Purchased	:	$123.9 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$108.2 million
Cost to the Deposit Insurance Fund	:	$13.4 million

Notes

As of March 31, 2011, Coastal Bank had approximately $129.4 million in total assets and $123.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Premier American Bank, N.A. agreed to purchase essentially all of the assets.

# 361

Failed Bank	:	Community Central Bank - Mount Clemens, Michigan
Date Closed	:	April 29, 2011
Assets	:	$476.3 million
Deposits	:	$385.4 million

Acquiring Bank	:	Talmer Bank & Trust - Troy, Michigan
Assets Purchased	:	$476.3 million
Deposits Purchased	:	$385.4 million
Premium paid for acquiring deposits	:	0.25 percent
Loss Sharing Agreement with FDIC for assets	:	$362.4 million
Cost to the Deposit Insurance Fund	:	$183.2 million

Notes

As of December 31, 2010, Community Central Bank had approximately $476.3 million in total assets and $385.4 million in total deposits. Talmer Bank & Trust will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Community Central Bank.

# 360

Failed Bank	:	The Park Avenue Bank - Valdosta, Georgia
Date Closed	:	April 29, 2011
Assets	:	$953.3 million
Deposits	:	$827.7 million

Acquiring Bank	:	Bank of the Ozarks - Little Rock, Arkansas
Assets Purchased	:	$953.3 million
Deposits Purchased	:	$827.7 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$514.1 million
Cost to the Deposit Insurance Fund	:	$306.1 million

Notes

As of December 31, 2010, The Park Avenue Bank had total assets of $953.3 million and total deposits of $827.7 million. Besides assuming all the deposits from the failed bank, Bank of the Ozarks will purchase essentially all of their assets.

# 359

Failed Bank	:	First Choice Community Bank - Dallas, Georgia
Date Closed	:	April 29, 2011
Assets	:	$308.5 million
Deposits	:	$310.0 million

Acquiring Bank	:	Bank of the Ozarks - Little Rock, Arkansas
Assets Purchased	:	$308.5 million
Deposits Purchased	:	$310.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$260.7 million
Cost to the Deposit Insurance Fund	:	$92.4 million

Notes

As of December 31, 2010, First Choice Community Bank had total assets of $308.5 million and total deposits of $310.0 million. Besides assuming all the deposits from the failed bank, Bank of the Ozarks will purchase essentially all of their assets.