Four Banks Closed on Oct. 14

2011 Tally of Failed Institutions: 98
Four Banks Closed on Oct. 14
Four banks were closed Oct. 14 by state and federal banking regulators. These failures bring the year's tally to 98 failed institutions.

The latest failures:

Country Bank, Aledo, Ill.

Country Bank, Aledo, Ill., was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Blackhawk Bank & Trust, Milan, Ill., to assume all of the deposits of Country Bank.

As of June 30, Country Bank had approximately $190.6 million in total assets and $167.5 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $66.3 million.

First State Bank, Cranford, N.J.

First State Bank, Cranford, N.J., was closed by the New Jersey Department of Banking and Insurance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Northfield Bank, Staten Island, N.Y., to assume all of the deposits of First State Bank.

As of June 30, First State Bank had approximately $204.4 million in total assets and $201.2 million in total deposits.

The FDIC estimates that the cost to the DIF will be $45.8 million.

Blue Ridge Savings Bank, Inc., Asheville, N.C.

Blue Ridge Savings Bank, Inc., Asheville, N.C., was closed by the North Carolina Office of Commissioner of Banks, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, N.C., to assume all of the deposits of Blue Ridge Savings Bank, Inc.

As of June 30, Blue Ridge Savings Bank, Inc. had approximately $161.0 million in total assets and $158.7 million in total deposits.

The FDIC estimates that the cost to the DIF will be $38.0 million.

Piedmont Community Bank, Gray, Ga.

Piedmont Community Bank, Gray, 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 Piedmont Community Bank.

As of June 30, Piedmont Community Bank had approximately $201.7 million in total assets and $181.4 million in total deposits.

The FDIC estimates that the cost to the DIF will be $71.6 million.


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