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In its busiest weekend in decades, the FDIC closed 5 more banks bringing the number of total bank failures to 45 for the year. This weekend exceeded the previous record when 4 banks failed on a single weekend in February.   Two of the seized banks were located in California, two more in Georgia and one in Minnesota. The FDIC was able to find buyers for 4 of the 5 failed bank deposits.

Community Bank of West Georgia failed in the true sense of the word. The FDIC did not find a suitable bank to assume their deposits. The FDIC will mail checks directly to depositors for an amount within the FDIC insurance coverage limit. It is estimated that the bank had $1.1 million of uninsured deposits.

Mira Bank - Ca
Mirae Bank of Los Angeles was closed over the weekend. The FDIC entered into a purchase and assumption agreement with Wilshire State Bank, Los Angeles, California, to assume all of the deposits of Mirae Bank.

As of May 29, 2009, Mirae Bank had total assets of $456 million and total deposits of approximately $362 million. In addition to assuming all of the deposits of the failed bank, Wilshire State Bank agreed to purchase approximately $449 million of assets. The FDIC will retain the remaining assets for later disposition.

MetroPacific Bank -Ca
MetroPacific Bank, Irvine, California was closed the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of MetroPacific Bank, excluding those from brokers.

As of June 8, 2009, MetroPacific Bank had total assets of $80 million and total deposits of approximately $73 million. Sunwest Bank agreed to purchase virtually all of the failed bank’s assets. The FDIC will retain any remaining assets for later disposition.

Neighborhood Community Bank -Ga
Neighborhood Community Bank, Newnan, Georgia, was close.The FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of Neighborhood Community Bank.

As of March 31, 2009, Neighborhood Community Bank had total assets of $221.6 million and total deposits of approximately $191.3 million. In addition to assuming all of the deposits of the failed bank, Charter Bank agreed to purchase approximately $209.6 million of assets. The FDIC will retain the remaining assets for later disposition.

Community Bank -Ga
Community Bank of West Georgia, Villa Rica, Georgia, was closed. The FDIC did not enter into an agreement with another bank to assume the deposits of Community Bank. The Federal Deposit Insurance Corporation (FDIC) will mail checks to insured depositors for their insured funds on Monday morning, June 29th.

As of May 15, 2009, Community Bank of West Georgia had total assets of $199.4 million and total deposits of $182.5 million. At the time of closing, the bank had approximately $1.1 million in deposits that exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.

Horizon Bank -  Mn
Horizon Bank, Pine City, Minnesota, was closed. The FDIC entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of Horizon Bank.

As of March 31, 2009, Horizon Bank had total assets of $87.6 million and total deposits of approximately $69.4 million. Stearns Bank, N.A. paid a premium of 0.75 percent to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, Stearns Bank, N.A. agreed to purchase approximately $84.4 million of assets. The FDIC will retain the remaining assets for later disposition.

Related posts:

1. Bank Failures at 40 for the Year; FDIC Seizes 3 More
2. Failure Fridays: Freedom Bank of Georgia Closed by Regulators
3. Failure Fridays: Two More Banks Go Under
4. Failure Fridays: Silver Falls Bank Seized
5. Failure Fridays: Two More Banks Bite The Dust