Friday, August 07, 2009

Bank Failures 70 & 71: First State Bank and Community National Bank of Sarasota County, Florida

by Bill McBride on 8/07/2009 06:15:00 PM

Wise men said before
"A rising tide lifts all boats"
Not these submarines

by Soylent Green is People

From the FDIC: Stearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of First State Bank, Sarasota, Florida
First State Bank, Sarasota, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of May 31, 2009, First State Bank had total assets of $463 million and total deposits of approximately $387 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $116 million. ... First State Bank is the 70th FDIC-insured institution to fail in the nation this year, and the fifth in Florida. The last FDIC-insured institution to be closed in the state was Integrity Bank, Jupiter, on July 31, 2009.

From the FDIC: Stearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of Community National Bank of Sarasota County, Venice, Florida
Community National Bank of Sarasota County, Venice, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of June 30, 2009, Community National Bank of Sarasota County had total assets of $97 million and total deposits of approximately $93 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24 million. ... Community National Bank of Sarasota County is the 71st FDIC-insured institution to fail in the nation this year, and the sixth in Florida. The last FDIC-insured institution to be closed in the state was First State Bank, Sarasota, earlier today.

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