Posted on October - 23 - 2009
Failures Friday: Four More
Now it’s getting serious, we are up to 103 banks closed, 2 more just crossed the wire. Partners Bank in Naples Florida , American United Bank, Lawrenceville GA, Hillcrest Bank Florida, Naples FL, and Flagship National Bank, Bradenton FL, failed today, and there might be more later so check back, it is only 6:11 EST and West coast does not report until after 9 PM EST.
Bank / State / Assets / Deposits
Partners Bank / FL / $65.5M / $64.9M
American United Bank / GA / $111M / $101M
Hillcrest Bank / FL / $83M / $84M
Flagship National Bank / FL / $190M / $175M
Partners Bank FDIC losses, estimates it will lose $28.6M from this closure. There was no loss-share agreement reported with Stonegate Bank, the acquiring bank.
American United Bank FDIC losses are estimated to be $44M. The FDIC did enter a loss-share agreement with Ameris Bank, the acquirer, for $92M.
Hillcrest Bank Florida FDIC losses are estimated to be $45M. There is no loss-share agreement with Stonegate, the acquiring bank, who only agreed to purchase $28M in assets from Hillcrest; the FDIC will retain all other assets.
Flagship National Bank FDIC losses are estimated to be $59M. The FDIC entered into a loss-share agreement with First Federal Bank of Florida, the acquiring bank, for $130M.
The FDIC total losses this Friday are $176.6M and the total potential losses, including loss-share agreement,s are $294.6M. Not a bad weekend considering the lack of closures over the past few weeks and the lack of funds the FDIC currently has on hand.
Official statements so far:
Partners Bank:
Partners Bank, Naples, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Partners Bank.
The two branches of Partners Bank will reopen on Monday as branches of Stonegate Bank. Depositors of Partners Bank will automatically become depositors of Stonegate Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Stonegate Bank that it has completed systems changes to allow other Stonegate Bank branches to process their accounts as well.
American United Bank:
American United Bank, Lawrenceville, Georgia, was closed today by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of American United Bank.
The sole branch of American United Bank will reopen on Monday as a branch of Ameris Bank. Depositors of American United Bank will automatically become depositors of Ameris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Ameris Bank that it has completed systems changes to allow other Ameris Bank branches to process their accounts as well.
Hillcrest Bank Florida:
Hillcrest Bank Florida, Naples, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Hillcrest Bank Florida.
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