Pacific Coast National Bank, San Clemente, California

Pacific Coast National Bank, San Clemente, California, makes it 123 on the year at an estimated hit to the FDIC Deposit Insurance Fund (DIF) of $27.4 million.

Pacific Coast National Bank, San Clemente, California, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of Pacific Coast National Bank.

The two branches of Pacific Coast National Bank will reopen on Monday as branches of Sunwest Bank. Depositors of Pacific Coast National Bank will automatically become depositors of Sunwest 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 branches until Sunwest Bank can fully integrate the deposit records of Pacific Coast National Bank.

This evening and over the weekend, depositors of Pacific Coast National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of August 31, 2009, Pacific Coast National Bank had total assets of $134.4 million and total deposits of approximately $130.9 million. Sunwest Bank did not pay a premium to assume all of the deposits of Pacific Coast National Bank. In addition to assuming all of the deposits of the failed bank, Sunwest Bank agreed to purchase essentially all of the assets.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-913-3067. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST.

Interested parties can also visit the FDIC’s Web site for Pacific Coast National Bank.

Posted in FDIC FAILED BANKS | No Comments »

Orion Bank, Naples, Florida

Orion Bank, Naples, Florida, comes in at 122 on the FDIC’s to bad to bank list of 2009 and the 11th in Florida. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million.

Orion Bank, 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 IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Orion Bank.

The 23 branches of Orion Bank will reopen on Saturday as branches of IBERIABANK. Depositors of Orion Bank will automatically become depositors of IBERIABANK. 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 branches until IBERIABANK can fully integrate the deposit records of Orion Bank.

This evening and over the weekend, depositors of Orion Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 31, 2009, Orion Bank had total assets of $2.7 billion and total deposits of approximately $2.1 billion. The FDIC accepted a 1.5 percent discount from IBERIABANK on the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $2.4 billion of the failed bank’s assets. The FDIC retained the remaining assets for later disposition.

The FDIC and IBERIABANK entered into a loss-share transaction on approximately $1.9 billion of Orion Bank’s assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-331-6306. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST.

Interested parties can also visit the FDIC’s Web site for Orion Bank.

Posted in FDIC FAILED BANKS | No Comments »

Century Bank, Federal Savings Bank, Sarasota, Florida

Century Bank, Federal Savings Bank, Sarasota, Florida, bit the dust tonight, becoming the 121st FDIC-insured institution to do so in the nation this year, and the tenth in Florida. The FDIC puts the cost to it’s Deposit Insurance Fund (DIF) at $344 million.

Century Bank, Federal Savings Bank, Sarasota, 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 IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB.

The eleven branches of Century Bank, FSB will reopen during normal business hours as branches of IBERIABANK. Depositors of Century Bank, FSB will automatically become depositors of IBERIABANK. 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 branches until IBERIABANK can fully integrate the deposit records of Century Bank, FSB.

This evening and over the weekend, depositors of Century Bank, FSB can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 31, 2009, Century Bank, FSB had total assets of $728 million and total deposits of approximately $631 million. The FDIC accepted a 1.5 percent discount on the deposits of the failed bank from IBERIABANK. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $706 million of the failed bank’s assets. The FDIC retained the remaining assets for later disposition.

The FDIC and IBERIABANK entered into a loss-share transaction on approximately $656 million of Century Bank, FSB’s assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-613-0378. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m.,EST

Interested parties can also visit the FDIC’s Web site for Century Bank, Federal Savings Bank.

l

Posted in FDIC FAILED BANKS | No Comments »

Ensign Federal Credit Union

Ensign Federal Credit Union bit the dust today and its members are now served by EDS Credit Union.

November 13, 2009, Alexandria, Va. – The National Credit Union Administration (NCUA) today closed Ensign Federal Credit Union of Henderson, Nevada, and authorized the purchase and assumption (P&A) of member share accounts by EDS Credit Union of Plano, Texas.

The EDS Credit Union P&A enables Ensign Federal Credit Union members to continue to receive uninterrupted credit union service. Ensign’s declining financial condition led to the closure and subsequent P&A. Ensign Federal Credit Union had $98 million in assets and served 7,900 members. This is the 13th federally insured credit union liquidation in 2009.

EDS Credit Union is a full service credit union and its new members will have access to a broad array of financial services offered throughout a wide service area. With assets of $772 million, EDS Credit Union serves approximately 57,000 members in various states throughout the country. The headquarters office is located at 5640 Democracy Drive in Plano, Texas. EDS Credit Union has 15 branch offices serving members throughout its service area. The credit union also offers online transaction service.

Member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government.

Posted in CREDIT UNION FAILURES | No Comments »

United Commercial Bank, San Francisco, California

United Commercial Bank, San Francisco, California, becomes FDIC deadbeat number 120 of 2009 as the agency closed the zombie bank at an estimated cost of $1.4 billion o the Deposit Insurance Fund (DIF).

United Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of United Commercial Bank. This agreement included all U.S. branches of United Commercial Bank, the Hong Kong branch of United Commercial Bank, and the subsidiary of United Commercial Bank headquartered in Shanghai, China, United Commercial Bank (UCB-China).

The 63 U.S. branches of United Commercial Bank will reopen during their normal business hours beginning tomorrow as branches of East West Bank. All locations in Hong Kong and China will reopen on Monday, according to normal business hours. In addition, UCB-China, the Shanghai, China, subsidiary of United Commercial Bank, which was also part of today’s transaction, will continue its regular banking operations without interruption with the full support of its parent company, East West Bank, whose qualification has already passed the preliminary review by the China Banking Regulatory Commission.

Depositors of United Commercial Bank will automatically become depositors of East West Bank. Domestic deposits will continue to be insured by the FDIC, and the Hong Kong deposits will continue to be covered by the Hong Kong Deposit Protection Scheme and the full deposit guarantee currently in force in Hong Kong. The FDIC continues to be in close cooperation with the Chinese banking regulatory authority regarding regular operations of UCB-China.

Customers should continue to use their existing branch until they receive notice from East West Bank that it has completed systems changes to allow other East West Bank branches to process their accounts as well.

This evening and over the weekend, depositors of United Commercial Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 23, 2009, United Commercial Bank had total assets of $11.2 billion and total deposits of approximately $7.5 billion. East West Bank paid the FDIC a premium of 1.1 percent for the right to assume all of the deposits of United Commercial Bank. In addition to assuming all of the deposits of the failed bank, East West Bank agreed to purchase approximately $10.2 billion in assets of the failed bank. As part of the purchase and assumption agreement, the FDIC transferred to East West Bank all qualified financial contracts to which United Commercial Bank was a party and those contracts remain in full force and effect.

The FDIC and East West Bank entered into a loss-share transaction on approximately $7.7 billion of United Commercial Bank’s assets. East West Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

U.S. customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-238-8209. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST.

For more information visit the FDIC web site for United Commercial Bank.

Posted in FDIC FAILED BANKS | No Comments »

Home Federal Savings Bank, Detroit, Michigan

Home Federal Savings Bank, Detroit, Michigan, becomes the FDIC’s 117th victim in the nation this year, and the third in Michigan. The damage to the agency’s Deposit Insurance Fund (DIF) is estimated to be $5.4 million.

Home Federal Savings Bank, Detroit, Michigan, 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 Liberty Bank and Trust Company, New Orleans, Louisiana, to assume all of the deposits of Home Federal Savings Bank.

The two branches of Home Federal Savings Bank will reopen during their normal business hours as branches of Liberty Bank and Trust Company. Depositors of Home Federal Savings Bank will automatically become depositors of Liberty Bank and Trust Company. 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 branches until Liberty Bank and Trust Company can fully integrate the deposit records of Home Federal Savings Bank.

This evening and over the weekend, depositors of Home Federal Savings Bank can access their money by writing checks. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 24, 2009, Home Federal Savings Bank had total assets of $14.9 million and total deposits of approximately $12.8 million. Liberty Bank and Trust Company did not pay a premium to assume all of the deposits of Home Federal Savings Bank. In addition to assuming all of the deposits of the failed bank, Liberty Bank and Trust Company agreed to purchase essentially all of the assets.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-866-782-1969. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST.

Don’t hesitate to visit the FDIC’s Web site for Home Federal Savings Bank, if you should need more information.

Posted in FDIC FAILED BANKS | No Comments »

United Security Bank, Sparta, Georgia

United Security Bank, Sparta, Georgia bit the dust tonight becoming the 116th FDIC insured bank to do so in 2009. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $58 million.

United Security Bank, Sparta, Georgia, was closed today by the Georgia Department of Banking and 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 United Security Bank.

The two branches of United Security Bank will reopen during their normal business hours as branches of Ameris Bank. This includes the branch in Woodstock, Georgia, that operated as the Bank of Woodstock also is part of today’s transaction. It, too, will re-open as a branch of Ameris Bank. Depositors of United Security 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 Ameris Bank can fully integrate the deposit records of United Security Bank.

This evening and over the weekend, depositors of United Security Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 14, 2009, United Security Bank had total assets of $157 million and total deposits of approximately $150 million. Ameris Bank will pay the FDIC a premium of 0.36 percent to assume all of the deposits of United Security Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.

The FDIC and Ameris Bank entered into a loss-share transaction on approximately $123 million of United Security Bank’s assets. Ameris Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-866-782-1897. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST.

Don’t hesitate to visit the FDIC’s Web site for United Security Bank, if you should need more information.

Posted in FDIC FAILED BANKS | No Comments »

Gateway Bank of St. Louis, St. Louis, Missouri

Gateway Bank of St. Louis, St. Louis, Missouri is the 119th FDIC-insured implosion in the nation this year, for a paltry estimated cost to the Deposit Insurance Fund (DIF) of $9.2 million.

Gateway Bank of St. Louis, St. Louis, Missouri, was closed today by the Missouri Division of 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 Central Bank of Kansas City, to assume all of the deposits of Gateway Bank of St. Louis.

The sole branch of Gateway Bank of St. Louis will reopen on Saturday as a branch of Central Bank of Kansas City. Depositors of Gateway Bank of St. Louis will automatically become depositors of Central Bank of Kansas City. 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 Central Bank of Kansas City can fully integrate the deposit records of Gateway Bank of St. Louis.

This evening and over the weekend, depositors of Gateway Bank of St. Louis can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 25, 2009, Gateway Bank of St. Louis had total assets of $27.7 million and total deposits of approximately $27.9 million. Central Bank of Kansas City did not pay the FDIC a premium for the deposits of Gateway Bank of St. Louis. In addition to assuming all of the deposits of the failed bank, Central Bank of Kansas City agreed to purchase essentially all of the assets.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-405-8124. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/gateway-mo.html.

Don’t hesitate to visit the FDIC’s Web site for Gateway Bank, for more information.

Posted in FDIC FAILED BANKS | No Comments »

Prosperan Bank, Oakdale, Minnesota

Prosperan Bank, Oakdale, Minnesota comes in at number 118 on the FDIC beat down parade of 2009. The agency shuttered the bank for an estimated cost $60.1 million to the Deposit Insurance Fund (DIF).

Prosperan Bank, Oakdale, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, North Dakota, to assume all of the deposits of Prosperan Bank.

The three branches of Prosperan Bank will reopen during their normal business hours as branches of Alerus Financial, N.A. Depositors of Prosperan Bank will automatically become depositors of Alerus Financial, N.A. 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 branches until Alerus Financial, N.A. can fully integrate the deposit records of Prosperan Bank.

This evening and over the weekend, depositors of Prosperan Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of August 31, 2009, Prosperan Bank had total assets of $199.5 million and total deposits of approximately $175.6 million. Alerus Financial, N.A. will pay the FDIC a premium of 1.02 percent to assume all of the deposits of Prosperan Bank. In addition to assuming all of the deposits of the failed bank, Alerus Financial, N.A. agreed to purchase approximately $173.9 million of the failed bank’s assets.

The FDIC and Alerus Financial, N.A. entered into a loss-share transaction on approximately $173.9 million of Prosperan Bank’s assets. Alerus Financial, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-405-6318. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST.

Don’t hesitate to visit the FDIC’s Web site for Prosperan Bank, for more information.

Posted in FDIC FAILED BANKS | No Comments »

Fed Speak

Posted in BREAKING NEWS! | No Comments »