2 Banks Closed on Dec. 16

2011 Tally: 113 Institutions Have Failed
2 Banks Closed on Dec. 16
Two banks were closed on Friday, Dec. 16, by state and federal banking regulators, bringing the year's total number of failed institutions to 113.

The latest failures:

Western National Bank, Phoenix, Ariz.

Western National Bank, Phoenix, Ariz., was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Washington Federal, Seattle, to assume all of the deposits of Western National Bank.

As of Sept. 30, Western National Bank had approximately $162.9 million in total assets and $144.5 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $37.6 million.

Premier Community Bank of the Emerald Coast, Crestview, Fla.

Premier Community Bank of the Emerald Coast, Crestview, 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 Summit Bank, National Association, Panama City, Fla., to assume all of the deposits of Premier Community Bank of the Emerald Coast.

As of Sept. 30, Premier Community Bank of the Emerald Coast had approximately $126.0 million in total assets and $112.1 million in total deposits.

The FDIC estimates that the cost to the DIF will be $31.2 million.


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