On Friday, the Georgia Department of Banking & Finance closed Crescent Bank and Trust Company, headquartered in Jasper, Georgia, and appointed the FDIC as receiver for the bank.
On Friday, the Office of the Minnesota Department of Commerce closed Community Security Bank, headquartered in New Prague, Minnesota, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Roundbank, headquartered in Waseca, Minnesota, to assume all of the deposits of Community Security Bank.
The US Federal Deposit Insurance Corporation (FDIC) estimates that by the end of 2010, more than 300 banks will have failed, and that the cost of resolving these failures may reach $100 billion over the next four years.1
On July 16th, the OCC announced that it has approved the use of a shelf charter for the acquisition of a failed bank, allowing NAFH National Bank, Miami, Florida, to acquire two banks in Florida and one in South Carolina. This is the second instance in which a shelf charter was approved for use in such an acquisition. OCC Press Release.
On Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Ravenswood Bank, headquartered in Chicago, Illinois, and appointed the FDIC as receiver for the bank.
On Friday, the Oregon Division of Finance and Corporate Securities closed LibertyBank, headquartered in Eugene, Oregon, and appointed the FDIC as receiver for the bank.
On Friday, the Georgia Department of Banking & Finance closed NorthWest Bank and Trust, headquartered in Acworth, Georgia, and appointed the FDIC as receiver for the bank.