Friday, March 19, 2010

Bank Failure #31: American National Bank, Parma, Ohio

by Bill McBride on 3/19/2010 04:32:00 PM

Spring is in the air
What's this other thing I smell?
Fail, from Ohio

by Soylent Green is People

From the FDIC: The National Bank and Trust Company, Wilmington, Ohio, Assumes All of the Deposits of American National Bank, Parma, Ohio
American National Bank, Parma, Ohio, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of December 31, 2009, American National Bank had approximately $70.3 million in total assets and $66.8 million in total deposits....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.1 million. ... American National Bank is the 31st FDIC-insured institution to fail in the nation this year, and the first in Ohio. The last FDIC-insured institution closed in the state was AmTrust Bank, Cleveland, on December 4, 2009.
Ohio is on the map. I'm thinking Puerto Rico and Illinois ...