Friday, August 20, 2010

Bank Failures #111 to #113: Florida and Virginia

by Calculated Risk on 8/20/2010 06:15:00 PM

From the FDIC: CenterState Bank of Florida, National Association, Winter Haven, Florida, Acquires All the Deposits of Two Banks in Florida

As of June 30, 2010, Community National Bank At Bartow had total assets of $67.9 million and total deposits of $63.7 million; and Independent National Bank had total assets of $156.2 million and total deposits of $141.9 million. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Community National Bank At Bartow will be $10.3 million; and for Independent National Bank, $23.2 million. ... These closings bring the total for the year to 112 banks in the nation, and the twenty-first and twenty-second in Florida.
From the FDIC: River Community Bank, National Association, Martinsville, Virginia, Assumes All of the Deposits of Imperial Savings and Loan Association, Martinsville, Virginia
As of June 30, 2010, Imperial Savings and Loan Association had approximately $9.4 million in total assets and $10.1 million in total deposits ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.5 million. ... Imperial Savings and Loan Association is the 113th FDIC-insured institution to fail in the nation this year, and the first in Virginia.