4 Banks Closed on Aug. 19

2011: 68 Banks and 16 CUs Have Failed
4 Banks Closed on Aug. 19
Four banks were closed by state and federal banking regulators on Friday, Aug. 19. These failures bring the year's tally to 84 failed institutions.

The latest failures:

First Choice Bank, Geneva, Ill.

First Choice Bank, Geneva, Ill., was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Inland Bank & Trust, Oak Brook, Ill., to assume all of the deposits of First Choice Bank.

As of June 30, First Choice Bank had approximately $141.0 million in total assets and $137.2 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $31.0 million.

First Southern National Bank, Statesboro, Ga.

First Southern National Bank, Statesboro, Ga., was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank of the South, Albany, Ga., to assume all of the deposits of First Southern National Bank.

As of June 30, First Southern National Bank had approximately $164.6 million in total assets and $159.7 million in total deposits.

The FDIC estimates that the cost to the DIF will be $39.6 million.

Lydian Private Bank, Palm Beach, Fla.

Lydian Private Bank, Palm Beach, Fla., was closed by the OCC, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sabadell United Bank, National Association, Miami, to assume all of the deposits of Lydian Private Bank.

As of June 30, Lydian Private Bank had approximately $1.70 billion in total assets and $1.24 billion in total deposits.

The FDIC estimates that the cost to the DIF will be $293.2 million.

Public Savings Bank, Huntingdon Valley, Pa.

Public Savings Bank, Huntingdon Valley, Pa., was closed by the Pennsylvania Department of Banking, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Capital Bank, National Association, Rockville, Md., to assume all of the deposits of Public Savings Bank.

As of June 30, Public Savings Bank had approximately $46.8 million in total assets and $45.8 million in total deposits.

The FDIC estimates that the cost to the DIF will be $11.0 million.


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