Granite Gets Durham Trust Deposits

WASHINGTON - The Federal Deposit Insurance Corp. said it has approved the assumption of the deposits of Durham Trust Co., Durham, N.H., by Granite Bank of Keene, N.H.

Granite Bank took responsibility for $67.4 million in about 9,500 deposit accounts and agreed to pay the FDIC a purchase premium of $1.71 million.

Option on Other Loans

It also agreed to purchase $33 million of the failed bank's assets, including $11.2 million in loans, and took an option to add other loans.

The FDIC said it will advance about $35.3 million to Granite Bank while retaining assets of the failed bank with a book value of $36.6 million.

Durham Trust, which had assets of $69.6 million, was closed Nov. 15 by the New Hampshire banking commissioner, Roland Roberge. The FDIC was appointed receiver.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.