August 20, 2010 / 11:55 PM / 7 years ago

Factbox: FDIC says regulators close four banks

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

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