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Friday, July 16, 2010

Bank Failure #91: Woodlands Bank, Bluffton, South Carolina

by Calculated Risk on 7/16/2010 05:09:00 PM

Ants store for winter
Woodlands Bank squanders their trust
Grasshoppers rescued

by Soylent Green is People

From the FDIC: Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Woodlands Bank, Bluffton, South Carolina
As of March 31, 2010, Woodlands Bank had approximately $376.2 million in total assets and $355.3 million in total deposits
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $115.0 million. ... Woodlands Bank is the 91st FDIC-insured institution to fail in the nation this year, and the second in South Carolina. The last FDIC-insured institution closed in the state was Beach First National Bank, Myrtle Beach, on April 9, 2010.
Friday arrives ...