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Friday, June 26, 2009

Bank Failures #43 & #44: MetroPacific Bank, Irvine, CA, Horizon Bank, Pine City, Minnesota

by Calculated Risk on 6/26/2009 07:28:00 PM

Metro Pacific
Local to CR, Soylent
Big Irvine implode.

Event: Horizon
Debt, Destruction, De-Leverage
A cliff dive too far.

both by Soylent Green is People

From the FDIC: Stearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of Horizon Bank, Pine City, Minnesota
Horizon Bank, Pine City, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2009, Horizon Bank had total assets of $87.6 million and total deposits of approximately $69.4 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.5 million. Stearns Bank's, N.A. acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Horizon Bank is the 43rd FDIC-insured institution to fail in the nation this year, and the first in Minnesota.
From the FDIC: Sunwest Bank, Tustin, California, Assumes All of the Deposits of MetroPacific Bank, Irvine, California
MetroPacific Bank, Irvine, California was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of June 8, 2009, MetroPacific Bank had total assets of $80 million and total deposits of approximately $73 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29 million. Sunwest Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. MetroPacific is the 44th FDIC-insured institution to fail in the nation this year, and the fifth in California.
Four down today ...