Five Banks Fail in Friday Night Massacre
NEW YORK (TheStreet) -- State and federal regulators shuttered five banks Friday evening, bringing this year's total number of bank failures to 22.
Plantation Federal Bank
The Office of the Comptroller of the Currency took over Plantation Federal Bank of Pawleys Island, S.C., which had roughly $486.4 million in total assets and $440.5 in deposits.
The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed thrift to First Federal Bank of Charleston, S.C. The acquiring bank is the main subsidiary of First Financial Holdings
Plantation Federal's six offices were scheduled to Monday as branches of First Federal Bank.
The FDIC agreed to share in losses on $221.7 million of the failed bank's assets acquired by First Federal Bank and estimated the cost of Plantation Federal Bank's failure to the deposit insurance fund would be $76.0 million.
Inter Savings Bank, FSB
The OCC also shut down Inter Savings Bank, FSB, which was doing business as InterBank FSB, and was headquartered in Maple Grove, Minn.
Inter Savings Bank had $481.6 million in total assets and $473.0 million in deposits as of Dec. 31.
The FDIC was appointed receiver and sold the failed thrift to Great Southern Bank of Reeds Spring, Mo., which is the main subsidiary of Great Southern Bancorp
The FDIC agreed to share in losses on $413.0 million of the failed bank's assets acquired by Great Southern Bank and estimated the cost of Inter Savings Bank's failure to the deposit insurance fund would be $117.5 million.
The failed institution's four branches were set to reopen Monday as branches of Great Southern Bank.
HarVest Bank of Maryland
The Maryland Commissioner of Financial Regulation closed HarVest Bank of Maryland, of Gaithersburg, which had approximately $164.3 million in assets and $145.5 in deposits.
The FDIC was appointed receiver and sold the failed bank to Sonabank of McLean, Va., which is held by Southern National Bancorp
HarVest Bank's four offices were scheduled to reopen during normal business hours as branches of Sonabank.
The FDIC estimated that HarVest Bank of Maryland's failure would cost the deposit insurance fund $17.2 million.
Bank of the Eastern Shore
State regulators in Maryland also shut down Bank of the Eastern Shore, of Cambridge, which had $166.7 million in assets and $154.5 million in deposits as of Dec. 31.
The FDIC as receiver couldn't find a buyer for the failed institution, and therefore created Deposit Insurance National Bank of Eastern Shore, which would "remain open until May 25, 2012 to allow depositors access to their insured deposits and time to open accounts at other insured institutions."
The FDIC said that retail customers of the failed bank with certificates of deposit or IRA accounts would have checks mailed to them directly, while customers who had opened accounts through brokers were advised to contact their brokers for more information, since the brokers would be paid directly by the FDIC.
Customers with balances above the basic individual account deposit insurance limit of $250,000 were advised to call the FDIC at 1-800-591-2817, "to set up an appointment to discuss their deposits."
According to Bank of the Eastern Shore's Dec. 31 regulatory call report, the institution had $12.9 million in time deposits with balances of more than $250,000, however, since joint accounts can have coverage of more than $250,000 and since a customer could have multiple account registrations in the names of trusts or businesses, the total amount of uninsured deposits was likely to be much smaller.
The FDIC estimated the cost of Bank of the Eastern Shore's failure to the Deposit Insurance Fund would be $41.8 million.
Palm Desert National Bank
The OCC closed Palm Desert National Bank of Costa Mesa, Calif., which had $125.8 million in assets and $122.8 million in deposits as of Dec. 31.
As receiver, the FDIC sold the failed bank to Pacific Premier Bank, also of Costa Mesa, which is the main subsidiary of Pacific Premier Bancorp
The FDIC estimated that the failure of Palm Desert National Bank would cost the deposit insurance fund $20.1 million.
The failed bank's office was scheduled to reopen Monday, as a Pacific Premier branch.
Thorough Bank Failure Coverage
All 431 previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.
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