Six Banks Closed on Jan. 29

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Six banks were closed by state and federal regulators on Friday, Jan. 29. The largest of the institutions, First Regional Bank, Los Angeles, California, had $2.18 billion in assets under management.

These latest closings bring to 16 the total number of failed institutions so far in 2010.

Following is a rundown of the latest closings:

First National Bank of Georgia
First National Bank of Georgia, Carrollton, Georgia, was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, Georgia, a newly chartered institution, to assume all of the deposits of First National Bank of Georgia.

The 11 branches of First National Bank of Georgia were to reopen on Saturday as branches of Community & Southern Bank. Depositors of First National Bank of Georgia will automatically become depositors of Community & Southern Bank.

As of September 30, 2009, First National Bank of Georgia had approximately $832.6 million in total assets and $757.9 million in total deposits. Community & Southern Bank will pay the FDIC a premium of 1.25 percent to assume all of the deposits of First National Bank of Georgia. In addition to assuming all of the deposits of the failed bank, Community & Southern Bank agreed to purchase essentially all of the assets.

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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $260.4 million.

Florida Community Bank
Florida Community Bank, Immokalee, Florida, was closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Florida Community Bank.

The 11 branches of Florida Community Bank will reopen during normal business hours as branches of Premier American Bank, N.A., but will continue to conduct business under the name Florida Community Bank. Depositors of Florida Community Bank will automatically become depositors of Premier American Bank, N.A.

As of September 30, 2009, Florida Community Bank had approximately $875.5 million in total assets and $795.5 million in total deposits. Premier American Bank, N.A. will pay the FDIC a premium of 0.4 percent to assume all of the deposits of Florida Community Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $352.6 million.

Marshall Bank
Marshall Bank, National Association, Hallock, Minnesota, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with United Valley Bank, Cavalier, North Dakota, to assume all of the deposits of Marshall Bank, N.A.

The three branches of Marshall Bank, N.A. will reopen on Monday as branches of United Valley Bank. Depositors of Marshall Bank, N.A. will automatically become depositors of United Valley Bank

As of September 30, 2009, Marshall Bank, N.A. had approximately $59.9 million in total assets and $54.7 million in total deposits. United Valley Bank will pay the FDIC a premium of 7.35 percent to assume all of the deposits of Marshall Bank, N.A. In addition to assuming all of the deposits, United Valley Bank agreed to purchase essentially all of the failed bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.1 million.

Community Bank and Trust
Community Bank and Trust, Cornelia, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust.

The 36 branches of Community Bank and Trust will reopen during normal business hours as branches of SCBT, N.A., but will continue to conduct business under the name Community Bank and Trust. Depositors of Community Bank and Trust will automatically become depositors of SCBT, N.A.

As of September 30, 2009, Community Bank and Trust had approximately $1.21 billion in total assets and $1.11 billion in total deposits. SCBT, N.A. did not pay the FDIC a premium to assume all of the deposits of Community Bank and Trust.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $354.5 million.