WASHINGTON — Two failures on opposite coasts Friday evening brought the year's toll to 127.
Florida regulators closed the $148 million-asset Haven Trust Bank in Ponte Vedra Beach. Later, the $289 million-asset North County Bank in Arlington, Wash., was shuttered. Together, the failures were estimated to cost the Deposit Insurance Fund about $105 million.
Haven Trust's closure was the 24th of 2010 in Florida, which is more than any other state.
The Federal Deposit Insurance Corp. estimated the failure will cost nearly $32 million. First Southern Bank in Boca Raton agreed to assume all of Haven Trust's $133.6 million in deposits and purchase virtually all of its assets. First Southern and the FDIC will share losses on about $127 million of those assets.
The failure in Washington State was estimated to cost nearly $73 million. Whidbey Island Bank in Coupeville, Wash., agreed to pay a 2% premium to assume all of North County's $276 million in deposits, and acquire essentially all of the failed bank's assets. The FDIC will share losses with the buyer on about $222 million of those assets.