26th
Bank Failure Friday
It looks like 4 banks were added to the FDIC Failed Bank List today:
Metro Pacific Bank, Irvine, CA - Total deposits of $73 million and an estimated cost to the FDIC fund of $29 million.
Horizon Bank, Pine City, MN - Total deposits of $69.4 million and an estimated cost to the FDIC fund of $33.5 million. However, the acquiring institution, Stearns Bank, entered into a loss sharing agreement with the FDIC on $65.1 million of Horizon’s assets. There’s a little less certainty on this loss estimate.
Neighborhood Community Bank, Newnan, GA - Total deposits of $191.3 million and an estimated cost to the FDIC fund of $66.7 million. Another loss share agreement on $178.5 million of Neighborhood Community Bank’s assets.
Community Bank of West Georgia, Villa Rica, GA - Total deposits of $182.5 million and an estimated cost to the FDIC fund of $85 million. The bank was shut down, and there are an estimated $1.1 million in deposits that exceeded the insurance limits. For the rest, the checks are in the mail (well, soon).
That makes 44 failures this year. Georgia is at 9 and California is at 5 with this week’s additions. We’re trying to catch up, Georgia, but you’re pulling ahead. For now. Remember, a Santa Barbara bank has had to suspend the dividend payments on their TARP money. We’re just warming up.
