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

Banks Acquiring Failed Banks

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Banks failed in 2011

# 438

Failed Bank	:	Alabama Trust Bank, National Association - Sylacauga, Alabama
Date Closed	:	May 18, 2012
Assets	:	$51.6 million
Deposits	:	$45.1 million

Acquiring Bank	:	Southern States Bank - Anniston, Alabama
Assets Purchased	:	$51.6 million
Deposits Purchased	:	$45.1 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$8.9 million

Notes

As of March 31, 2012, Alabama Trust Bank, National Association had approximately $51.6 million in total assets and $45.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Southern States Bank agreed to purchase essentially all of the assets.

# 437

Failed Bank	:	Security Bank, National Association - North Lauderdale, Florida
Date Closed	:	May 04, 2012
Assets	:	$101.0 million
Deposits	:	$99.1 million

Acquiring Bank	:	Banesco USA - Coral Gables, Florida
Assets Purchased	:	$101.0 million
Deposits Purchased	:	$99.1 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$10.8 million

Notes

As of March 31, 2012, Security Bank, National Association had approximately $101.0 million in total assets and $99.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Banesco USA agreed to purchase essentially all of the assets.

# 436

Failed Bank	:	Palm Desert National Bank - Palm Desert, California
Date Closed	:	April 27, 2012
Assets	:	$125.8 million
Deposits	:	$122.8 million

Acquiring Bank	:	Pacific Premier Bank - Costa Mesa, California
Assets Purchased	:	$125.8 million
Deposits Purchased	:	$122.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$20.1 million

Notes

As of December 31, 2011, Palm Desert National Bank had approximately $125.8 million in total assets and $122.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Pacific Premier Bank agreed to purchase essentially all of the assets.

# 435

Failed Bank	:	Plantation Federal Bank - Pawleys Island, South Carolina
Date Closed	:	April 27, 2012
Assets	:	$486.4 million
Deposits	:	$440.5 million

Acquiring Bank	:	First Federal Bank - Charleston, South Carolina
Assets Purchased	:	$486.4 million
Deposits Purchased	:	$440.5 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$221.7 million
Cost to the Deposit Insurance Fund	:	$76.0 million

Notes

As of December 31, 2011, Plantation Federal Bank had approximately $486.4 million in total assets and $440.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Federal Bank agreed to purchase essentially all of the assets.

# 434

Failed Bank	:	Inter Savings Bank, fsb D/B/A InterBank - Maple Grove, Minnesota
Date Closed	:	April 27, 2012
Assets	:	$481.6 million
Deposits	:	$473.0 million

Acquiring Bank	:	Great Southern Bank - Reeds Spring, Missouri
Assets Purchased	:	$481.6 million
Deposits Purchased	:	$473.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$413.0 million
Cost to the Deposit Insurance Fund	:	$117.5 million

Notes

As of December 31, 2011, InterBank, fsb had approximately $481.6 million in total assets and $473.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, Great Southern Bank agreed to purchase essentially all of the assets. The FDIC and Great Southern Bank entered into a loss-share transaction on $413.0 million of InterBank,

# 433

Failed Bank	:	HarVest Bank of Maryland - Gaithersburg, Maryland
Date Closed	:	April 27, 2012
Assets	:	$164.3 million
Deposits	:	$145.5 million

Acquiring Bank	:	Sonabank - McLean, Virginia
Assets Purchased	:	$164.3 million
Deposits Purchased	:	$145.5 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$17.2 million

Notes

As of December 31, 2011, HarVest Bank of Maryland had approximately $164.3 million in total assets and $145.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Sonabank agreed to purchase essentially all of the assets.

# 432

Failed Bank	:	Bank of the Eastern Shore - Cambridge, Maryland
Date Closed	:	April 27, 2012
Assets	:	$166.7 million
Deposits	:	$154.5 million

Acquiring Bank	:	No Acquirer - -
Assets Purchased	:	-
Deposits Purchased	:	-
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$41.8 million

Notes

As of December 31, 2011, Bank of the Eastern Shore had $166.7 million in total assets and $154.5 million in total deposits. At the time of closing, the amount of deposits exceeding the insurance limits were undetermined. Uninsured deposits were not transferred to the DINB. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.

# 431

Failed Bank	:	Fort Lee Federal Savings Bank, FSB - Fort Lee, New Jersey
Date Closed	:	April 20, 2012
Assets	:	$51.9 million
Deposits	:	$50.7 million

Acquiring Bank	:	Alma Bank - Astoria, New York
Assets Purchased	:	$15.7 million
Deposits Purchased	:	$50.7 million
Premium paid for acquiring deposits	:	1.85 percent
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$14.0 million

Notes

Alma Bank will pay the FDIC a premium of 1.85 percent to assume all of the deposits of Fort Lee Federal Savings Bank, FSB. In addition to assuming all of the deposits of the failed bank, Alma Bank agreed to purchase approximately $15.7 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 430

Failed Bank	:	Fidelity Bank - Dearborn, Michigan
Date Closed	:	March 30, 2012
Assets	:	$818.2 million
Deposits	:	$747.6 million

Acquiring Bank	:	The Huntington National Bank - Columbus, Ohio
Assets Purchased	:	$818.2 million
Deposits Purchased	:	$747.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$92.8 million

Notes

As of December 31, 2011, Fidelity Bank had approximately $818.2 million in total assets and $747.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, The Huntington National Bank agreed to purchase essentially all of the assets.

# 429

Failed Bank	:	Premier Bank - Wilmette, Illinois
Date Closed	:	March 23, 2012
Assets	:	$268.7 million
Deposits	:	$199.0 million

Acquiring Bank	:	International Bank of Chicago - Chicago, Illinois
Assets Purchased	:	$268.7 million
Deposits Purchased	:	$199.0 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$64.1 million

Notes

As of December 31, 2011, Premier Bank had approximately $268.7 million in total assets and $199.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, International Bank of Chicago agreed to purchase essentially all of the assets.