FDIC Shutters Two More Banks

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WASHINGTON – The FDIC shuttered two more banks over the weekend.

Closed were $421-million Wakulla Bank in Crawfordville, Fla., and $104-million Shoreline Bank, Shoreline, Wash. Estimates are the losses will cost the FDIC $155 million. With Wakulla’s closure, nearly one in five of the 128 failed banks this year have been in the Sunshine State.

The FDIC said Centennial Bank in Conway, Ark., agreed to assume all of Wakulla’s $386-million in deposits and acquire essentially all of its assets. Centennial, which has successfully bid on other failed banks in Florida, will share losses with the FDIC on nearly $213 million of those assets. The failure is estimated to cost $113 million to the Deposit Insurance Fund.

Shoreline, the 10th failed bank in Washington this year, was sold to Los Angeles-based GBC International Bank. The acquirer agreed to pay the FDIC a 0.25% premium to assume all of Shoreline’s $100 million in deposits, and will acquire nearly $66 million of its assets. The acquirer and the FDIC entered into a loss-sharing deal for about $49 million of those assets. The failure was estimated to cost $41 million.

Last week, regulators closed $148 million-asset Haven Trust Bank Florida in Ponte Vedra Beach, Fla., and $289 million-asset North County Bank in Arlington, Wash.

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