Six Additional Banks Closed by FDIC

by CD Rates on July 17, 2010 · 1 comment

in Bank Failures

On Friday another six banks were closed by the FDIC making the grand total of 96 for 2010.  Three banks were in Florida, two in South Carolina and another in Michigan.  The rate of failures continue to outpace the amount from 2009 by two times, when only 140 banks failed. The FDIC was able to find other banks to acquire assets for all six banks.  The list of the failed banks on Friday July 16th, 2010 (links to the FDIC press release):

The largest failure occured in South Carolina, where Spartanburg-based First National Bank of the South was seized by regulators. The bank had total assets of $682 million and total deposits of $610.1 million as of the end of March.

The FDIC said a subsidiary of North American Financial Holdings Inc. acquired all of the deposits and nearly all of the assets of First National Bank of the South. The same firm, NAFH National Bank, also reached an agreement with the FDIC on two Florida-based banks that failed Friday.

NAFH National also purchased the deposits and essentially all of the assets from Miami-based Metro Bank of Dade County, as well as Turnberry Bank of Aventura, Fla. The Office of Thrift Supervision said Turnberry Bank was closed because of deterioriating asset quality and insufficient capital.

Metro Bank of Dade County had total assets of $442.3 million, and deposits of $391.3 million as of the end of March. Turnberry Bank had assets of $263.9 million and deposits of $196.9 million.

Since last Friday, no credit unions were closed by the NCUA.

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