Four More Banks Are Shuttered

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WASHINGTON – Four more bank failures were announced on Friday by the Office of the Comptroller of the Currency.

Among the failures were $282-million Bay National Bank in Baltimore, which is being acquired by Washington-based private equity firm Hovde Acquisitions. Also in Baltimore, the OTS closed $6.3 million-asset Ideal Federal Savings Bank. The FDIC was unable to find a buyer for Ideal. Its failure will cost the fund $2.1 million.

In Port Chester, N.Y., $193-million USA Bank was closed, with the FDIC selling it to $504-million Customers 1st Bank in Phoenixville, Penn. The largest bank to fail was $644-million Home National Bank in Blackwell, Okla., which was closed by the OCC. It was acquired by $1.4-billion RCB Bank, Claremore, Okla., which assumed all the bank’s deposits and $340.7-million in assets, while $260.8-million worth of assets were sold to $2.3-billion Enterprise Bank & Trust in Clayton, Mo. through a loss-share agreement.

Collectively, the four failures represent $1.1 billion in assets and will cost the Deposit Insurance Fund $160 million.

 

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