2 Banks, 1 Credit Union Closed
Actions Raise 2011 Tally to 34 Failed Institutions
These failures raise the total number of failed institutions to 34 so far in 2011.
The latest failures:
Mission San Francisco FCU
The National Credit Union Administration placed Mission San Francisco Federal Credit Union of San Francisco, Calif., into liquidation. Immediately thereafter, Self-Help Federal Credit Union of Durham, North Carolina, purchased and assumed Mission San Francisco's assets, liabilities and members.
NCUA assumed control of operations at Mission San Francisco Federal Credit Union on April 8, and immediately signed an agreement with Self-Help Federal Credit Union. The agreement allows for continued service to the former members of Mission San Francisco at a safe, sound credit union.
At closure, Mission San Francisco had approximately $6 million in assets and served 2,500 members.
Nevada Commerce Bank, Las Vegas
Nevada Commerce Bank, Las Vegas, was closed by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with City National Bank, Los Angeles, Calif., to assume all of the deposits of Nevada Commerce Bank. Depositors will automatically become depositors of Community & Southern Bank.
The two branches of Nevada Commerce Bank will reopen on Monday as branches of City National Bank.
As of December 31, 2010, Nevada Commerce Bank had approximately $144.9 million in total assets and $136.4 million in total deposits.
The FDIC estimates that the cost to the DIF will be $31.9 million.
Western Springs National Bank and Trust, Ill.
Western Springs National Bank and Trust, Western Springs, Ill., was closed by the Office of the Comptroller of the Currency, which appointed the FDIC receiver. The FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Ill., to assume all of the deposits of Western Springs National Bank and Trust.
The two branches of Western Springs National Bank and Trust were to reopen during normal business hours beginning Saturday as branches of Heartland Bank and Trust Company.
As of December 31, 2010, Western Springs National Bank and Trust had approximately $186.8 million in total assets and $181.9 million in total deposits.
The FDIC estimates that the cost to the DIF will be $31 million.
