4 Banks Closed Oct. 21

100-Plus Institutions Have Failed so Far in 2011
4 Banks Closed Oct. 21
Four banks were closed this weekend by state and federal banking regulators. These failures bring the year's tally to 102 failed institutions.

The latest failures:

Community Banks of Colorado, Greenwood, Colo.

The Federal Deposit Insurance Corp. was appointed receiver for Community Banks of Colorado, Greenwood, Colo., by the Board of Governors of the Federal Reserve System. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank Midwest, National Association, Kansas City, Mo., to assume all of the deposits of Community Banks of Colorado.

As of June 30, Community Banks of Colorado had approximately $1.38 billion in total assets and $1.33 billion in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $224.9 million.

Community Capital Bank, Jonesboro, Ga.

Community Capital Bank, Jonesboro, Ga., was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Ga., to assume all of the deposits of Community Capital Bank.

As of June 30, Community Capital Bank had approximately $181.2 million in total assets and $166.2 million in total deposits.

The FDIC estimates that the cost to the DIF will be $62 million.

Decatur First Bank, Decatur, Ga.

Decatur First Bank, Decatur, Ga., was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Fidelity Bank, Atlanta, to assume all of the deposits of Decatur First Bank.

As of June 30, Decatur First Bank had approximately $191.5 million in total assets and $179.2 million in total deposits.

The FDIC estimates that the cost to the DIF will be $32.6 million.

Old Harbor Bank, Clearwater, Fla.

Old Harbor Bank, Clearwater, Fla., was closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with 1st United Bank, Boca Raton, Fla., to assume all of the deposits of Old Harbor Bank.

As of June 30, Old Harbor Bank had approximately $215.9 million in total assets and $217.8 million in total deposits.

The FDIC estimates that the cost to the DIF will be $39.3 million.


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