Three More Banks Shut Down

Posted by Ray on August 14, 2009 under Main | Be the First to Comment

Three more banks were closed on the West coast tonight. Bringing the total up to 77 banks closed so far this year.

They are as follows:

______________________________State____Assets_______Deposits

Community of Nevada_____________NV_____$1.52B_______$1.38B

Community Bank of Arizona_________AZ_____$158M_______$143M

Union Bank, National Association_____AZ_____$124M_______$112M

Community Bank of Arizona will cost the FDIC an estimated $25.5M

Community Bank of Nevada will cost the FDIC an estimated $781M

Union Bank, National Association will cost the FDIC an estimated $61M

Community Bank of Nevada, Las Vegas, Nevada, was closed today by the State Commissioner, by Order of the Nevada Financial Institutions Division, which then appointed Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC created the Deposit Insurance National Bank of Las Vegas (DINB), which will remain open for approximately 30 days to allow depositors access to their insured deposits and time to open accounts at other insured institutions. At the time of closing, the receiver immediately transferred to the DINB all insured deposits of Community Bank of Nevada, except for brokered deposits, certificates of deposit (CDs) and individual retirement accounts (IRAs). The receiver also transferred to the DINB all secured public unit deposits.

Community Bank of Arizona, Phoenix, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MidFirst Bank, Oklahoma City, Oklahoma, to assume all of the deposits of Community Bank of Arizona.

Union Bank, National Association, Gilbert, Arizona, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MidFirst Bank, Oklahoma City, Oklahoma, to assume all of the deposits of Union Bank, National Association, excluding those from brokers.

From Earlier tonight:

There were two more FDIC closures tonight and there may be more as the Pacific Time zone is still open for business. This brings the total to 74 banks closed for 2009 so far which is astounding to say the least.

The banks closed tonight are:

_____________________________State___________Assets_______Deposits

Colonial Bank___________________AL____________$25B________$20B

Dwelling House Savings & Loan_____PA____________$13.4M______$13.8M

The FDIC entered into a loss-sharing agreement over Colonial Bank for $15B and the FDIC expects to lose $6.8M on the Dwelling House deal. Tonights estimated loss for the FDIC is $15.06B.

BB&T bought Colonial and PNC acquired Dwelling House.