WASHINGTON - The board of the Federal Deposit Insurance Corp. has approved the assumption of the deposits of Somersworth Bank in Somersworth, N.H., by New Dartmouth Bank of Manchester, N.H.
New Dartmouth assumed $103.9 million in about 11,000 deposit accounts, and will purchase $50.2 million of the failed bank's assets at a discount of $4.5 million.
To facilitate the transaction, the FDIC said it will advance about $58.3 million to the assuming bank and will retain assets of the failed bank with a book value of about $67.3 million.
Olympic's Deposits Transferred
In another New England closing last week, the FDIC said the insured deposits of Olympic International Bank and Trust of Boston were assumed by Haymarket Cooperative Bank of Boston.
The sole office of Olympic International with total assets of $140.3 million, did not reopen. Haymarket Cooperative agreed to take about $141.7 million in about 3,800 deposit accounts.
At the time the bank closed, it had about $618,000 in 33 accounts that exceeded the federal insurance limit of $100,000 and will not be assumed by Haymarket Cooperative Bank.
The FDIC board voted to make an advance payment to unsecured creditors, including uninsured depositors, equal to 75% of their claims pending recoveries.
The FDIC also announced the assumption of the insured deposits of Vernon (Conn.) Bank by Bank of South Windsor, Conn.
Vernon Bank had $39.6 million in assets. South Windsor assumed about $36 million in 3,700 deposit accounts and will purchase about $34.3 million of the failed bank's assets at a discount of $1.9 million.
The insured deposits of American National Bank-PostOak, In Houston, were taken over by First Prosperity Bank, of El Campo, Tex. American had $22.7 million in assets before it was closed last Thursday by the Office of the Comptroller of the Currency.
First Prosperity will assume about $21.9 million in about 3,000 accounts. When the bank closed, about $1.3 million in 33 accounts exceeded the federal insurance limit of $100,000, and will not be assumed by First Prosperity.