WASHINGTON, D.C. - First Bank of Idaho, FSB, Ketchum, Idaho, was closed Friday by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with U.S. Bank, Minneapolis, Minn., to assume all of the deposits, excluding those from brokers, of First Bank of Idaho.
The failed bank had seven offices in Idaho and Wyoming. All seven offices will reopen on Monday as branches of U.S. Bank. Depositors of First Bank of Idaho will automatically become depositors of U.S. 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 U.S. Bank can fully integrate the deposit records of First Bank of Idaho.
Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of Dec. 31, 2008, First Bank of Idaho had total assets of approximately $488.9 million and total deposits of $374.0 million. U.S. Bank paid a premium of 0.55 percent to acquire the deposits of First Bank of Idaho.
U.S. Bank will not assume $112.8 million in brokered deposits held by First Bank of Idaho. 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 about the status of their deposits.
Customers who have questions about the transaction can call the FDIC toll-free at 1 (800) 591-2845. The phone number will be operational from 8 a.m. to 8 p.m., MDT. Customers who would like more information about the transaction can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/firstbankidaho.html.
In addition to acquiring the failed banks deposits, U.S. Bank agreed to purchase approximately $17.8 million in assets. The FDIC will retain any remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $191.2 million. U.S. Bank's acquisition of the deposits of First Bank of Idaho was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. First Bank of Idaho is the 29th bank to fail in the nation this year and the first in the state. The last FDIC-insured institution to fail in Idaho was Northwestern Federal Savings and Loan Association, Boise, on Aug. 26, 1988.
Michigan Heritage Bank, Farmington Hills, aquired by Level One Bank
Michigan Heritage Bank, Farmington Hills, Michigan, was closed Friday by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Level One Bank, Farmington Hills, Michigan, to assume all of the deposits, excluding those from brokers, of Michigan Heritage.
The three offices of Michigan Heritage will reopen on Monday as branches of Level One. Depositors of Michigan Heritage will automatically become depositors of Level One. 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 Level One can fully integrate the deposit records of Michigan Heritage.
Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of Dec. 31, 2008, Michigan Heritage had total assets of approximately $184.6 million and total deposits of $151.7 million. Level One paid a premium of 1.16 percent to acquire the deposits of Michigan Heritage.
Level One will not assume $50 million in brokered deposits held by Michigan Heritage. 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 about the status of their deposits.
Customers who have questions about the transaction can call the FDIC toll-free at 1 (866) 954-9526. The phone number will be operational from 8 a.m. to 8 p.m., EDT. Customers who would like more information about the transaction can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/michiganheritage.html.
In addition to acquiring $101.7 million of the failed bank's deposits, Level One agreed to purchase approximately $46.1 million in assets. The FDIC will retain any remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $71.3 million. Level One's acquisition of all the deposits of Michigan Heritage was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Michigan Heritage is the 27th bank to fail in the nation this year and the first in the state. The last bank to fail in Michigan was Main Street Bank, Northville, on Oct. 10, 2008.
American Southern Bank, Kennesaw, Ga., fifth one in state to fall in '09
American Southern Bank, Kennesaw, Ga., was closed Friday by the Georgia Department of Banking and Finance, 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 North Georgia, Alpharetta, Ga., to assume all of the deposits, excluding those from brokers, of American Southern Bank.
The one office of American Southern Bank will reopen on Monday as a branch of Bank of North Georgia. Depositors of American Southern Bank will automatically become depositors of Bank of North Georgia. 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 North Georgia can fully integrate the deposit records of American Southern Bank.
Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 30, 2009, American Southern Bank had total assets of approximately $112.3 million and total deposits of $104.3 million. Bank of North Georgia paid a premium of 0.003 percent to acquire the deposits of American Southern Bank.
Bank of North Georgia will not assume $48.7 million in brokered deposits held by American Southern 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 about the status of their deposits.
Customers who have questions about the transaction can call the FDIC toll-free at 1 (800) 323-6111. The phone number will be operational from 8 a.m. to 8 p.m., EDT. Customers who would like more information about the transaction can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/amsouthern.html.
In addition to acquiring $55.6 million of the failed bank's deposits, Bank of North Georgia agreed to purchase approximately $31.3 million in assets. The FDIC will retain any remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $41.9 million. Bank of North Georgia's acquisition of all the deposits of American Southern Bank was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. American Southern Bank is the 26th bank to fail in the nation this year and the fifth in the state. The last bank to fail in Georgia was Omni National Bank, Atlanta, on March 29.
FDIC Approves payout of the insured deposits of First Bank of Beverly Hills, Calabasas, Calif.
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of First Bank of Beverly Hills, Calabasas, Calif. The bank was closed Friday by the California Department of Financial Institutions, which appointed the FDIC as receiver.
For insured deposits placed directly with the bank and not through a broker, the FDIC will mail these customers checks for their insured funds on Monday. For insured deposits from brokers, the FDIC will pay the brokers directly once brokers provide the FDIC with the necessary documents. Brokered deposit customers should contact their brokers directly about the status of their accounts.
First Bank of Beverly Hills, as of Dec. 31, 2008, had total assets of $1.5 billion and total deposits of $1 billion. It is estimated that the bank has $179,000 of uninsured deposits.
Customers who have questions about the transaction can call the FDIC toll free at 1 (800) 523-8089. The phone number will be operational from 8 a.m. to 8 p.m. PDT. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/beverlyhills.html.
First Bank of Beverly Hills is the 28th FDIC-insured institution to fail this year and the fourth in California. The last bank to be closed in the state was County Bank, Merced, on Feb. 6, 2009. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $394 million.
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