6 Banks Closed on July 16
Latest Closings Raise Year's Tally to 106 Failures Federal and state banking regulators closed six banks on Friday, July 16, raising the total number of failed banks and credit unions to 106 so far in 2010. Assets of three of the failed banks were purchased by a single institution in Miami, Fla.The latest closings are:
Woodlands Bank, Bluffton, S.C.
Woodlands Bank, Bluffton, S.C., was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation was appointed receiver. The Bank of the Ozarks, Little Rock, Ark., will buy the deposits of the failed bank.
The eight branches of Woodlands Bank will reopen on Monday as branches of Bank of the Ozarks.
Woodlands Bank had approximately $376.2 million in assets. The estimated cost to the FDIC's Deposit Insurance Fund will be $115 million.
Metro Bank of Dade County, Turnberry Bank, First National Bank of The South
Metro Bank of Dade County, Miami, Fla.; Turnberry Bank, Aventura, Fla.; and First National Bank of the South, Spartanburg, S.C., were closed by federal and state banking agencies. The FDIC was appointed receiver for all three banks, and arranged for NAFH National Bank, Miami, Fla., to buy the deposits of the three failed institutions.
Metro Bank of Dade County was closed by the Florida Office of Financial Regulation; Turnberry Bank was closed by the OTS; and First National Bank of the South was closed by the Office of the Comptroller of the Currency. The failed banks were not affiliated. Collectively, the three institutions operated 23 branches, which will reopen as branches of NAFH National Bank using their current names and under their normal business hours, including those offices with Saturday hours.
Metro Bank of Dade County had assets of $442.3 million; Turnberry Bank had assets of $263.9 million; and First National Bank of the South had assets of $682.0 million.
The estimated cost to the FDIC's Deposit Insurance Fund for Metro Bank of Dade County will be $67.6 million; for Turnberry Bank, $34.4 million; and for First National Bank of the South, $74.9 million.
Mainstreet Savings Bank, Hastings, Mich.
Mainstreet Savings Bank, FSB, Hastings, Mich., was closed by the OTS, and the FDIC was appointed receiver. The Commercial Bank, Alma, Mich., will buy the deposits of the failed bank.
The two branches of Mainstreet Savings Bank, FSB were to reopen on Saturday as branches of Commercial Bank.
Mainstreet Savings Bank, FSB had $97.4 million in assets. The estimated cost to the FDIC's Deposit Insurance Fund will be $11.4 million.
Olde Cypress Community Bank, Clewiston, Fla.
Olde Cypress Community Bank, Clewiston, Fla., was closed by the OTS, and the FDIC was appointed receiver. CenterState Bank of Florida, N. A., Winter Haven, Fla., will buy the deposits of the failed bank.
The four branches of Olde Cypress Community Bank were to reopen on Saturday as branches of CenterState Bank of Florida, N.A.
Olde Cypress Community Bank had $168.7 million in assets. The estimated cost to the FDIC Deposit Insurance Fund will be $31.5 million.