June 12th...quiet.
June 19th has #'s 38, 39, & 40.
Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of Bank of Lincolnwood, Lincolnwood, Illinois
FOR IMMEDIATE RELEASE
June 5, 2009
Media Contact:
LaJuan Williams-Dickerson
(202) 898-3876
Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of Bank of Lincolnwood.
Bank of Lincolnwood's two offices will reopen on Saturday as branches of Republic Bank of Chicago. Depositors of Bank of Lincolnwood will automatically become depositors of Republic Bank of Chicago. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Republic Bank of Chicago can fully integrate the deposit records of Bank of Lincolnwood.
Over the weekend, depositors of Bank of Lincolnwood can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of May 26, 2009, Bank of Lincolnwood had total assets of approximately $214 million and total deposits of $202 million. Republic Bank of Chicago agreed to purchase approximately $162 million in assets. The FDIC will retain the remaining assets for later disposition.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-591-2767. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Customers who would like more information about today's transaction can also visit the FDIC's Web site at
http://www.fdic.gov/bank/individual/failed/lincolnwood.html.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $83 million. Republic Bank of Chicago's acquisition of all the deposits was the "least costly" resolution for the DIF compared to alternatives. Bank of Lincolnwood is the 37th FDIC-insured institution to fail in the nation this year and the sixth in Illinois. The last bank to fail in the state was Citizens National Bank, Macomb, on May 22, 2009.
--------------------
First Bank, Troy, North Carolina, Assumes All of the Deposits of Cooperative Bank, Wilmington, North Carolina
FOR IMMEDIATE RELEASE
June 19, 2009
Media Contact:
LaJuan Williams-Dickerson
Email:
lwilliams-dickerson@fdic.gov
Phone: (202) 898-3876
Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Bank, Troy, North Carolina, to assume all of the deposits of Cooperative Bank, except those from brokers.
The twenty-four offices of Cooperative Bank will reopen on Monday, as branches of First Bank. Depositors of Cooperative Bank will automatically become depositors of First Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until First Bank can fully integrate the deposit records of Cooperative Bank.
Over the weekend, depositors of Cooperative Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of May 31, 2009, Cooperative Bank had total assets of $970 million and total deposits of approximately $774 million. In addition to assuming all of the deposits of the failed bank, First Bank agreed to purchase approximately $942 million of assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and First Bank entered into a loss-share transaction on approximately $852 million of Cooperative Bank's assets. First Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers.
First Bank will purchase all the deposits, except about $57 million in brokered deposits, held by Cooperative Bank. The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information on the status of their deposits.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-930-5169. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties can also visit the FDIC's Web site at
http://www.fdic.gov/bank/individual/failed/cooperative.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $217 million. First Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Cooperative Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in North Carolina. The last FDIC-insured institution to be closed in the state was Cape Fear Bank, Wilmington, on April 10, 2009.
--------------------
Bank of Kansas, South Hutchinson, Kansas, Assumes All of the Deposits of First National Bank of Anthony, Anthony, Kansas
FOR IMMEDIATE RELEASE
June 19. 2009
Media Contact:
LaJuan Williams-Dickerson
Email:
lwilliams-dickerson@fdic.gov
Phone: (202) 898-3876
First National Bank of Anthony, Anthony, Kansas was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Kansas, South Hutchinson, Kansas, to assume all of the deposits of First National Bank of Anthony.
The six offices of First National Bank of Anthony, including the two in Johnson County, Kansas, which operate under the name of First National Bank of Johnson County, will reopen as branches of Bank of Kansas. All of the offices will maintain normal business hours. Depositors of First National Bank of Anthony will automatically become depositors of Bank of Kansas. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Bank of Kansas can fully integrate the deposit records of First National Bank of Anthony.
Over the weekend, depositors of First National Bank of Anthony can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2009, First National Bank of Anthony had total assets of $156.9 million and total deposits of approximately $142.5 million. Bank of Kansas paid a premium of 0.5 percent to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, Bank of Kansas agreed to purchase approximately $156.7 million of assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and Bank of Kansas entered into a loss-share transaction on approximately $130.5 million of First National Bank of Anthony's assets. Bank of Kansas will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-877-367-2719. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties can also visit the FDIC's Web site at
http://www.fdic.gov/bank/individual/failed/anthony.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $32.2 million. Bank of Kansas' acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. First National Bank of Anthony is the 40th FDIC-insured institution to fail in the nation this year, and the second in Kansas. The last FDIC-insured institution to be closed in the state was TeamBank, Paola, on March 20, 2009.
