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Four Failures Bring Year's Total to 28

WASHINGTON — Regulators shuttered four banks Friday evening — totaling $676 million of assets — that combined are estimated to cost the Federal Deposit Insurance Corp. about $80 million.

The failed institutions included the $533 million-asset Waccamaw Bank in Whiteville, N.C.; the $46 million-asset First Capital Bank in Kingfisher, Okla.; the $54 million-asset Carolina Federal Savings Bank in Charleston, S.C.; and the $43 million-asset Farmers and Traders State Bank in Shabbona, Ill.

A total of 28 banks have been seized by regulators this year.

The FDIC found buyers for all four institutions. First Community Bank in Bluefield, Va., agreed to assume all of Waccamaw's $473 million in deposits and purchase about $515 million of the failed bank's assets. The buyer entered into a loss-sharing deal with the FDIC on about $330 million of those assets. Waccamaw's failure was estimated to cost about $51 million.

F&M Bank in Edmond, Okla., paid a significantly large premium of 7.65% to assume all of First Capital's $45 million in deposits. F&M, which will operate the failed bank's sole branch starting Saturday, also agreed to acquire $40.7 million of the failed bank's assets. The failure was estimated to cost the FDIC $5.6 million.

Carolina Federal's two branches and $53 million in deposits were sold to Bank of North Carolina in Thomasville, N.C. The buyer will also purchase $41 million of the failed bank's assets. The failure's estimated cost is just over $15 million.

The FDIC's failure tab for Farmers and Traders was estimated at $8.9 million. First State Bank in Mendota, Ill., agreed to assume all of the failed bank's $42 million in deposits and acquire roughly all of its assets.




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