Friday, July 16, 2010

Bank Failures #92 to #96: Florida, Michigan, South Carolina

by Bill McBride on 7/16/2010 06:13:00 PM

Tall grass in Summer
Grim Reaper scythes down the weeds
Only stubble left

by Soylent Green is People

From the FDIC: NAFH National Bank, Miami, Florida, Acquires All the Deposits of Two Institutions in Florida and One Institution in South Carolina
Metro Bank of Dade County, Miami, Turnberry Bank, Aventura, Florida, and First National Bank of the South, Spartanburg, South Carolina
As of March 31, 2010, Metro Bank of Dade County had total assets of $442.3 million and total deposits of $391.3 million; Turnberry Bank had total assets of $263.9 million and total deposits of $196.9 million; and First National Bank of the South had total assets of $682.0 million and total deposits of $610.1 million.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Metro Bank of Dade County will be $67.6 million; for Turnberry Bank, $34.4 million; and for First National Bank of the South, $74.9 million.
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These closings bring the total for the year to 94 banks in the nation, and the fifteenth and sixteenth in Florida and the third in South Carolina. Prior to these failures, the last bank closed in Florida was Peninsula Bank, Englewood, on June 25, 2010, and the last bank closed in South Carolina was Woodlands Bank, Bluffton, earlier today.
From the FDIC: CenterState Bank of Florida, National Association, Winter Haven, Florida, Assumes All of the Deposits of Olde Cypress Community Bank, Clewiston, Florida
As of March 31, 2010, Olde Cypress Community Bank had approximately $168.7 million in total assets and $162.4 million in total deposits.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.5 million. ... Olde Cypress Community Bank is the 95th FDIC-insured institution to fail in the nation this year, and the seventeenth in Florida. The last FDIC-insured institution closed in the state was Turnberry Bank, Aventura, earlier today.
From the FDIC: Commercial Bank, Alma, Michigan, Assumes All of the Deposits of Mainstreet Savings Bank, FSB
As of March 31, 2010, Mainstreet Savings Bank, FSB had approximately $97.4 million in total assets and $63.7 million in total deposits.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.4 million. ... Mainstreet Savings Bank, FSB is the 96th FDIC-insured institution to fail in the nation this year, and the fourth in Michigan. The last FDIC-insured institution closed in the state was New Liberty Bank, Plymouth, on May 14, 2010.
Will we see 100 today?