Federal regulators have closed two small banks in Georgia on Friday and one each in Florida, Kansas and Illinois, thereby bringing the number of bank failures for the year to 38.
The Federal Deposit Insurance Corp. or FDIC captured Georgia Trust Bank of Buford, with nearly $119.8 million in assets and $117.4 million in deposits; as well as Woodstock-based First Cherokee State Bank, which had $222.7 million in assets and $193.3 million in deposits. Both these failed banks were also sold to Community & Southern Bank of Atlanta, which paid a premium of 0.50% for the deposits.
The Florida Office of Financial Regulation shuttered The Royal Bank of Florida, of Naples, that had $87 million of total assets and $85.1 million in total deposits; while Heartland Bank was closed by the Kansas Office of State Bank Commissioner. First National Bank of the Gulf Coast would assume all of the deposits of The Royal Palm Bank of Florida, whereas Metcalf Bank, based in Lees Summit, Mo., agreed to buy the assets and deposits of Heartland Bank.
In addition, Second Federal Savings and Loan Association of Chicago, located in Chicago, Illinois was shut down with around $199.1 million in assets and $175.9 million in deposits. Hinsdale Bank & Trust Co., based in Hinsdale, Illinois, which would assume the deposits of Second Federal Savings and Loan Association of Chicago, is also buying nearly $14.2 million in assets, comprised mainly of cash. Meanwhile, the FDIC would retain all loans, including consumer and mortgage, for later disposition.
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by RTT Staff Writer
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