Four new banks were added to the FDIC Failed Bank List:
Midwest Bank and Trust Company, Elmwood Park, IL - $2.42 billion in total deposits and an estimated hit to the Deposit Insurance Fund (DIF) of $216.4 million. This deal required a loss share agreement with Firstmerit Bank, National Association on $2.27 billion of Midwest Bank and Trust Company’s assets. All 23 branches will be open tomorrow. I hope they tip the pizza delivery person well.
Southwest Community Bank, Springfield, MO - $102.5 million in total deposits and an estimated hit to the DIF of $29.0 million. This deal required a loss share agreement with Simmons First National Bank on $66.8 million of Southwest Community Bank’s assets. The bank reopens tomorrow.
New Liberty Bank, Plymouth, MI - $101.8 million in total deposits and an estimated hit to the DIF of $25.0 million. This deal required a loss share agreement with Bank of Ann Arbor on $95.2 million of New Liberty Bank’s assets. This bank also reopens tomorrow.
Satilla Community Bank, Saint Marys, GA - $134.0 million in total deposits and an estimated hit to the DIF of $31.3 million. This deal required a loss share agreement with Ameris Bank on $101.0 million of Satilla Community Bank’s assets. This bank will take until Monday to sort out the mess.
This brings the total bank failures this year up to 72. Only one bank this week was particularly large. Still, not a bad catch.
