Friday, February 18, 2011

Bank Failure #21 for 2011: Charter Oak Bank, Napa, California

by Bill McBride on 2/18/2011 08:16:00 PM

Fruited money tree
Harvested by reapers scythe
Charter Oaks corked

by Soylent Green is People

From the FDIC: Bank of Marin, Novato, California, Assumes All of the Deposits of Charter Oak Bank, Napa, California
As of December 31, 2010, Charter Oak Bank had approximately $120.8 million in total assets and $105.3 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $21.8 million. ... Charter Oak Bank is the twenty-first FDIC-insured institution to fail in the nation this year, and the second in California.
That makes three today.