Hat trick! Three banks were added to the FDIC’s failed bank list tonight:
Pacific Coast National Bank, San Clemente, CA — Total deposits of approximately $130.9 million and an estimated hit to the Deposit Insurance Fund (DIF) of $27.4 million.
Orion Bank, Naples, FL — Total deposits of approximately $2.1 billion and an estimated hit to the DIF of $615 million. Unfortunately, this transaction also required a loss-share transaction on approximately $1.9 billion of the assets with IBERIABANK (capitalization in the actual name, this isn’t an attempt at emphasis).
Century Bank, a Federal Savings Bank, Sarasota, FL — Total deposits of approximately $631 million and an estimated hit to the DIF of $344 million. This also had a loss-share agreement on approximately $656 million of the assets. This bank was also acquired by IBERIABANK.
Easy as 1-2-3. Also, 123 banks have failed this year.
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