Charting Stocks

The Federal Deposit Insurance Corporation (FDIC)  seized 3 more banks over the weekend bringing the total bank failures for 2009 to 40. One bank was in North Carolina, another in Georgia, and the third was in Kansas.

The FDIC was appointed receiver of Cooperative Bank of Wilmington, N.C., Southern Community Bank of Fayetteville, Ga., and First National Bank of Anthony in Anthony, Kan.

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 of NC agreed to purchase approximately $942 million of assets. The FDIC will retain the remaining assets for later disposition.

As of May 29, 2009, Southern Community Bank had total assets of $377 million and total deposits of approximately $307 million. United Community Bank paid a premium of 1 percent to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, United Community Bank agreed to purchase approximately $364 million of assets. The FDIC will retain the remaining assets for later disposition.

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.

Related posts:

1. FDIC Breaks February Record; 5 Banks Fail Over Weekend
2. Bank No. 37 Closed; Bank of Lincolnwood Seized by Regulators
3. Failure Fridays: Freedom Bank of Georgia Closed by Regulators
4. Failure Fridays: Two More Banks Go Under
5. Failure Fridays: Two More Banks Bite The Dust