Riverview Community bank

What can I say, they are coming fast and furious tonight.

It’s a blockbuster, 106 banks now closed! 1 more just crossed the wire. Partners Bank in Naples Florida , American United Bank, Lawrenceville GA, Hillcrest Bank Florida, Naples FL, Flagship National Bank, Bradenton FL, Bank of Elmwood, Racine WI, Riverview Community Bank, of Otsego MN, and First Dupage Bank,  Westmont Il, failed today, and there might be more later so check back, it is only 6:11 EST and West coast does not report until after 9 PM EST.

Bank	State	Assets	Deposits
Partners Bank	FL	$65M	$64.9M
American United Bank	GA	$111M	$101M
Hillcrest Bank FL	FL	$83M	$84M
Flagship National Bank	FL	$190M	$175M
Bank of Elmwood	WI	$327M	$273.2M
Riverview Community	MN	$108M	$80M
First Dupage Bank	IL	$279M	$245M
Total	7 Banks	$1,163M	$1,023.1M

The Partners Bank FDIC losses are estimated to be $28.6M from this closure. There was no loss-share agreement reported with Stonegate Bank, the acquiring bank.

The American United Bank FDIC losses are estimated to be $44M. The FDIC did enter a loss-share agreement with Ameris Bank, the acquirer, for $92M.

The Hillcrest Bank Florida FDIC losses are estimated to be $45M. There is no loss-share agreement with Stonegate, the acquiring bank, who only agreed to purchase $28M in assets from Hillcrest, the FDIC will retain all other assets.

The Flagship National Bank FDIC losses are estimated to be $59M. The FDIC entered into a loss-share agreement with First Federal Bank of Florida, the acquiring bank, for $130M.

The Bank of Elmwood FDIC losses are estimated to be $101.1M. No loss-share was reported, but Tri-City National Bank agreed to buy “essentially” all of the assets of Elmwood.

The Riverview Community Bank FDIC losses are estimated to cost the FDIC $20M. The FDIC did enter a loss-share agreement with Central Bank, the acquiring bank, for $75M.

The First Dupage Bank FDIC losses are estimated to cost $59M. The FDIC did enter a loss-share agreement with First Midwest Bank, the acquiring bank, for $247M.

The losses the FDIC will realize from this weeks closures are pretty severe, especially since we had that 2 week break in bank closures. At this rate there is no way the extra $45B raised by the 3 year front load of bank fees will cover the potential losses from bank failures. The FDIC likes to make the claim that over 800 banks failed during the S&L problem in the 1980′s, but there is no real comparison considering those banks were so much smaller and insignificant versus the banks failing today. Regardless of that basic fact, some experts say we will suffer more than 1,000 bank closures over the next few years which is worse than the S&L crisis. Not to mention that when Georgian Bank closed it was not even ON the troubled bank list the FDIC is keeping, so there are plenty of surprises to be had.

This weeks FDIC immediate and potential losses:

Estimated Immediate Losses	$356.7M
Loss-Share Agreements	$616.6M
Totals	$973.3M

Parnters Bank:

Partners Bank, Naples, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Partners Bank.

The two branches of Partners Bank will reopen on Monday as branches of Stonegate Bank. Depositors of Partners Bank will automatically become depositors of Stonegate Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Stonegate Bank that it has completed systems changes to allow other Stonegate Bank branches to process their accounts as well.

American United Bank:

American United Bank, Lawrenceville, Georgia, was closed today by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of American United Bank.

The sole branch of American United Bank will reopen on Monday as a branch of Ameris Bank. Depositors of American United Bank will automatically become depositors of Ameris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Ameris Bank that it has completed systems changes to allow other Ameris Bank branches to process their accounts as well.

Hillcrest Bank Florida:

Hillcrest Bank Florida, Naples, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Hillcrest Bank Florida.

The six branches of Hillcrest Bank Florida will reopen on Monday as branches of Stonegate Bank. Depositors of Hillcrest Bank Florida will automatically become depositors of Stonegate Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Stonegate Bank can fully integrate the deposit records of Hillcrest Bank Florida.

Flagship National Bank:

Flagship National Bank, Bradenton, Florida, 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 First Federal Bank of Florida, Lake City, Florida, to assume all of the deposits of Flagship National Bank.

The four branches of Flagship National Bank will reopen on Monday as branches of First Federal Bank of Florida. Depositors of Flagship National Bank will automatically become depositors of First Federal Bank of Florida. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from First Federal Bank of Florida that it has completed systems changes to allow other First Federal Bank of Florida branches to process their accounts as well.

Bank of Elmwood:

Bank of Elmwood, Racine, Wisconsin, was closed today by the Wisconsin 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 Tri City National Bank, Oak Creek, Wisconsin, to assume all of the deposits of Bank of Elmwood.

The five branches of Bank of Elmwood will reopen on Saturday as branches of Tri City National Bank. Depositors of Bank of Elmwood will automatically become depositors of Tri City National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until Tri City National Bank can fully integrate the deposit records of Bank of Elmwood.

Riverview Community Bank:

Riverview Community Bank, Otsego, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Riverview Community Bank.

The two branches of Riverview Community Bank will reopen on Saturday as branches of Central Bank. Depositors of Riverview Community Bank will automatically become depositors of Central Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Central Bank can fully integrate the deposit records of Riverview Community Bank.

First Dupage Bank:

First Dupage Bank, Westmont, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois, to assume all of the deposits of First Dupage Bank.

The sole branch of First Dupage Bank will reopen on Saturday as a branch of First Midwest Bank. Depositors of First Dupage Bank will automatically become depositors of First Midwest Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until First Midwest Bank can fully integrate the deposit records of First Dupage Bank.

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