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

Banks Acquiring Failed Banks

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Banks failed in 2011

# 468

Failed Bank	:	Covenant Bank - Chicago, Illinois
Date Closed	:	February 15, 2013
Assets	:	$58.4 million
Deposits	:	$54.2 million

Acquiring Bank	:	Liberty Bank and Trust Company - New Orleans, Louisiana
Assets Purchased	:	$58.4 million
Deposits Purchased	:	$54.2 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$21.8 million

Notes

As of December 31, 2012, Covenant Bank had approximately $58.4 million in total assets and $54.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Liberty Bank and Trust Company agreed to purchase essentially all of the assets.

# 467

Failed Bank	:	1st Regents Bank - Andover, Minnesota
Date Closed	:	January 18, 2013
Assets	:	$50.2 million
Deposits	:	$49.1 million

Acquiring Bank	:	First Minnesota Bank - Minnetonka, Minnesota
Assets Purchased	:	$50.2 million
Deposits Purchased	:	$49.1 million
Premium paid for acquiring deposits	:	2.0
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$10.5 million

Notes

As of September 30, 2012, 1st Regents Bank had approximately $50.2 million in total assets and $49.1 million in total deposits. First Minnesota Bank will pay the FDIC a premium of two percent to assume all of the deposits of 1st Regents Bank. In addition to assuming all of the deposits of the failed bank, First Minnesota Bank agreed to purchase essentially all of the assets.

# 466

Failed Bank	:	Westside Community Bank - University Place, Washington
Date Closed	:	January 11, 2013
Assets	:	$97.7 million
Deposits	:	$96.5 million

Acquiring Bank	:	Sunwest Bank - Irvine, California
Assets Purchased	:	$97.7 million
Deposits Purchased	:	$96.5 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$20.3 million

Notes

As of September 30, 2012, Westside Community Bank had approximately $97.7 million in total assets and $96.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Sunwest Bank agreed to purchase essentially all of the assets.

# 465

Failed Bank	:	Community Bank of the Ozarks - Sunrise Beach, Missouri
Date Closed	:	December 14, 2012
Assets	:	$42.8 million
Deposits	:	$41.9 million

Acquiring Bank	:	Bank of Sullivan - Sullivan, Missouri
Assets Purchased	:	$42.8 million
Deposits Purchased	:	$41.9 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$37.3 million
Cost to the Deposit Insurance Fund	:	$10.4 million

Notes

As of September 30, 2012, Community Bank of the Ozarks had approximately $42.8 million in total assets and $41.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Bank of Sullivan agreed to purchase essentially all of the assets.

# 464

Failed Bank	:	Hometown Community Bank - Braselton, Georgia
Date Closed	:	November 16, 2012
Assets	:	$124.6 million
Deposits	:	$108.9 million

Acquiring Bank	:	CertusBank, National Association - Easley, South Carolina
Assets Purchased	:	$124.6 million
Deposits Purchased	:	$108.9 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$36.7 million

Notes

As of September 30, 2012, Hometown Community Bank had approximately $124.6 million in total assets and $108.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, CertusBank, N.A. agreed to purchase essentially all of the assets.

# 463

Failed Bank	:	Citizens First National Bank - Princeton, Illinois
Date Closed	:	November 02, 2012
Assets	:	$924.0 million
Deposits	:	$869.4 million

Acquiring Bank	:	Heartland Bank and Trust Company - Bloomington, Illinois
Assets Purchased	:	$924.0 million
Deposits Purchased	:	$869.4 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$45.2 million

Notes

As of September 30, 2012, Citizens First National Bank had approximately $924.0 million in total assets and $869.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust Company agreed to purchase essentially all of the assets.

# 462

Failed Bank	:	Heritage Bank of Florida - Lutz, Florida
Date Closed	:	November 02, 2012
Assets	:	$225.5 million
Deposits	:	$223.3 million

Acquiring Bank	:	Centennial Bank - Conway, Arkansas
Assets Purchased	:	$193.7 million
Deposits Purchased	:	$223.3 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$65.5 million

Notes

As of September 30, 2012, Heritage Bank of Florida had approximately $225.5 million in total assets and $223.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase approximately $193.7 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 461

Failed Bank	:	NOVA Bank - Berwyn, Pennsylvania
Date Closed	:	October 26, 2012
Assets	:	$483.0 million
Deposits	:	$432.2 million

Acquiring Bank	:	N/A - -
Assets Purchased	:	-
Deposits Purchased	:	-
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$91.2 million

Notes

The FDIC was unable to find another financial institution to take over the banking operations of NOVA Bank.The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of NOVA Bank, Berwyn, Pennsylvania.

# 460

Failed Bank	:	Excel Bank - Sedalia, Missouri
Date Closed	:	October 19, 2012
Assets	:	$200.6 million
Deposits	:	$187.4 million

Acquiring Bank	:	Simmons First National Bank - Pine Bluff, Arkansas
Assets Purchased	:	$200.6 million
Deposits Purchased	:	$187.4 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$126.6 million
Cost to the Deposit Insurance Fund	:	$40.9 million

Notes

As of June 30, 2012, Excel Bank had approximately $200.6 million in total assets and $187.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.

# 459

Failed Bank	:	First East Side Savings Bank - Tamarac, Florida
Date Closed	:	October 19, 2012
Assets	:	$67.2 million
Deposits	:	$65.9 million

Acquiring Bank	:	Stearns Bank National Association - St. Cloud, Minnesota
Assets Purchased	:	$67.2 million
Deposits Purchased	:	$65.9 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$9.1 million

Notes

As of June 30, 2012, First East Side Savings Bank had approximately $67.2 million in total assets and $65.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank agreed to purchase essentially all of the assets.