FDIC Chairwoman Bair Too big to fail has become worse. Its become explicit when it was implicit before.
Treasury Sec. Geithner Most consequential choices involve shades of gray, and some fog is often useful in getting things done.
First Banking Center, Burlington, WI with approximately $750.7 million in total assets and $664.8 million in total deposits was closed. First Michigan Bank, Troy, MI has agreed to assume all deposits excluding the Cede & Co. deposits. (PR-255-2010).
Allegiance Bank of North America, Bala Cynwyd, PA with approximately $106.6 million in total assets and $92.0 million in total deposits was closed. VIST Bank, Wyomissing, PA has agreed to assume all deposits excluding the Cede & Co. deposits. (PR-254-2010).
Gulf State Community Bank, Carrabelle, FL with approximately $112.1 million in total assets and $112.2 million in total deposits was closed. Centennial Bank, Conway, AR has agreed to assume all deposits excluding the Cede & Co. deposits. (PR-253-2010).
The following analysis comes from JMMindset.com and covers the 38 banks closed by the FDIC between August 6, 2010, and November 12, 2010. So far this year, the FDIC has closed 146 banks. So far in this crisis, since 2007, it has closed 311 banks. Collectively, the 38 banks had stated assets of $13.78 billion [...]
Copper Star Bank, Scottsdale, AZ with approximately $204.0 million in total assets and $190.2 million in total deposits was closed. Stearns Bank, N.A., Saint Cloud, MN has agreed to assume all deposits excluding the Cede & Co. deposits. (PR-250-2010).
Darby Bank & Trust Co., Vidalia, GA with approximately $654.7 million in total assets and $587.6 million in total deposits was closed. Ameris Bank, Moultrie, GA has agreed to assume all deposits excluding the Cede & Co. deposits. (PR-249-2010).
Tifton Banking Company, Tifton, GA with approximately $143.7 million in total assets and $141.6 million in total deposits was closed. Ameris Bank, Moultrie, GA has agreed to assume all deposits including certain brokered deposits. (PR-249-2010).
First Vietnamese American Bank, Westminster, CA with approximately $48.0 million in total assets and $47.0 million in total deposits was closed. Grandpoint Bank, Los Angeles, CA has agreed to assume all deposits excluding certain brokered deposits. (PR-245-2010).
Pierce Commercial Bank, Tacoma, WA with approximately $221.1 million in total assets and $193.5 million in total deposits was closed. Heritage Bank, Olympia, WA has agreed to assume all deposits. (PR-244-2010).
Western Commercial Bank, Woodland Hills, CA with approximately $98.6 million in total assets and $101.1 million in total deposits was closed. First California Bank, Westlake Village, CA has agreed to assume all deposits. (PR-243-2010).
