Regulators closed five banks on Friday, the biggest single-day total since the economic crisis began. The biggest of the five was Mirae Bank, of Los Angeles, which had $456 million in assets.
The latest closings bring the total for the year to 45, compared with 25 for all of 2008.
The California Department of Financial Institutions seized the bank and appointed the Federal Deposit Insurance Corp. as receiver. It arranged for Wilshire State Bank, also of Los Angeles, to take over the failed bank's five branches and all of its $362 million in deposits.
Wilshire State Bank also bought roughly $449 million of Mirae's assets, with the FDIC agreeing a loss sharing arrangement on $341 million of that total.
Georgia regulators closed the Community Bank of West Georgia, in Villa Rica, Ga., and Neighborhood Community Bank, in Newman, Ga. Because nobody was willing to take over the Community Bank of West Georgia's operations, its $182.5 million in insured deposits will be paid out to customers.
The FDIC arranged for CharterBank, of West Point, Ga., to take over the four branches and $191.3 million in deposits of Neighborhood Community Bank. CharterBank also agreed to buy $209.6 million in assets, with $178.5 million subject to loss-sharing arrangements.
The Minnesota Department of Commerce closed Horizon Bank, in Pine City, Minn., and appointed the FDIC as receiver. It arranged for Stearns Bank, of St. Cloud, Minn., to buy the bank's two offices and $69.4 million in deposits.
Stearns Bank paid a 0.75 percent premium for the deposits. It also agreed to buy $84.4 million of Horizon Bank's assets, with $65.1 million covered by a loss-sharing deal. Stearns previously took over another failed bank, Alpha Bank & Trust, in Georgia. That deal last October also was brokered by the FDIC.
The fifth bank to be closed Friday was MetroPacific Bank, of Irvine, Calif. California regulators seized that insititution and appointed the FDIC as receiver. It arranged for Sunwest Bank, of Tustin, Calif., to take over MetroPacific's single office, as well as all of its non-brokered deposits and nearly all of its $80 million in assets.
Read on.
The latest closings bring the total for the year to 45, compared with 25 for all of 2008.
The California Department of Financial Institutions seized the bank and appointed the Federal Deposit Insurance Corp. as receiver. It arranged for Wilshire State Bank, also of Los Angeles, to take over the failed bank's five branches and all of its $362 million in deposits.
Wilshire State Bank also bought roughly $449 million of Mirae's assets, with the FDIC agreeing a loss sharing arrangement on $341 million of that total.
Georgia regulators closed the Community Bank of West Georgia, in Villa Rica, Ga., and Neighborhood Community Bank, in Newman, Ga. Because nobody was willing to take over the Community Bank of West Georgia's operations, its $182.5 million in insured deposits will be paid out to customers.
The FDIC arranged for CharterBank, of West Point, Ga., to take over the four branches and $191.3 million in deposits of Neighborhood Community Bank. CharterBank also agreed to buy $209.6 million in assets, with $178.5 million subject to loss-sharing arrangements.
The Minnesota Department of Commerce closed Horizon Bank, in Pine City, Minn., and appointed the FDIC as receiver. It arranged for Stearns Bank, of St. Cloud, Minn., to buy the bank's two offices and $69.4 million in deposits.
Stearns Bank paid a 0.75 percent premium for the deposits. It also agreed to buy $84.4 million of Horizon Bank's assets, with $65.1 million covered by a loss-sharing deal. Stearns previously took over another failed bank, Alpha Bank & Trust, in Georgia. That deal last October also was brokered by the FDIC.
The fifth bank to be closed Friday was MetroPacific Bank, of Irvine, Calif. California regulators seized that insititution and appointed the FDIC as receiver. It arranged for Sunwest Bank, of Tustin, Calif., to take over MetroPacific's single office, as well as all of its non-brokered deposits and nearly all of its $80 million in assets.
Read on.
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