Factbox: FDIC says regulators close four banks

WASHINGTON Fri Aug 20, 2010 7:53pm EDT

Related Topics

WASHINGTON (Reuters) - The Federal Deposit Insurance Corp said on Friday these banks were seized by their regulators:

* In the largest failure in months, Chicago's ShoreBank was acquired by Urban Partnership Bank in Chicago. ShoreBank, a notable community development bank, had $2.16 billion in assets and $1.54 billion in deposits. The FDIC and Urban Partnership Bank entered into a loss-share transaction on $1.41 billion of ShoreBank's assets. The closing will cost the insurance fund $367.7 million.

* Community National Bank At Bartow in Bartow, Florida, with about $67.9 million in total assets. CenterState Bank of Florida, National Association, Winter Haven, Florida, will assume Community National Bank At Bartows' $63.7 million in deposits, as well as about $51.9 million of its assets. The failure will cost the insurance fund about $10.3 million.

* Independent National Bank in Ocala, Florida, with about $156.2 million in assets, was also acquired by CenterState Bank of Florida, N.A., which will assume the deposits and buy the assets. The FDIC said it entered into a loss-share agreement with CenterState Bank of Florida, N.A. on $119.7 million of the assets. The failure will cost the insurance fund $23.2 million.

* Imperial Savings and Loan Association in Martinsville, Virginia, with about $9.4 million in total assets. River Community Bank, National Association of Martinsville, Virginia, will assume the bank's deposits and its assets. The failure will cost the insurance fund $3.5 million.

(Reporting by Alina Selyukh; Editing by Richard Chang)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

Recommended Newsletters

Reuters U.S. Top News
A quick-fix on the day's news published with Reuters videos and award-winning news photography and delivered at your choice of one of four times during the day.
Reuters Deals Today
The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.
Reuters Technology Report
Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents.