Friday, December 04, 2009

Bank Failures #127 & 128: Down Goes AmTrust

by Calculated Risk on 12/04/2009 06:12:00 PM

Wow, a bright comet...
Giant "Amtrust-Rex" looks up.
Annihilation


Cold Winter bears down
Many banks fall like snowflakes
No two are alike

by Soylent Green is People

From the FDIC: HeritageBank of the South, Albany, Georgia, Assumes All of the Deposits of the Tattnall Bank, Reidsville, Georgia
The Tattnall Bank, Reidsville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, The Tattnall Bank had total assets of $49.6 million and total deposits of approximately $47.3 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.9 million. .... The Tattnall Bank is the 127th FDIC-insured institution to fail in the nation this year, and the 24th in Georgia. The last FDIC-insured institution closed in the state was First Security National Bank, Norcross, earlier today.
And from the FDIC: New York Community Bank, Westbury, New York, Assumes All of the Deposits of AmTrust Bank, Cleveland, Ohio
AmTrust Bank, Cleveland, Ohio, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of October 27, 2009, AmTrust Bank had total assets of approximately $12.0 billion and total deposits of approximately $8.0 billion. ...

As part of this transaction, the FDIC will acquire a cash participant instrument. This will serve as additional consideration for the transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.0 billion.

Furthermore, the FDIC transferred to New York Community Bank all qualified financial contracts to which AmTrust was a party.

... AmTrust Bank is the 128th FDIC-insured institution to fail in the nation this year, and the second in Ohio. The last FDIC-insured institution closed in the state was Peoples Community Bank, West Chester, which closed on July 31, 2009.