WASHINGTON — In the first three closures of the year, regulators shuttered institutions in Georgia, Florida and Pennsylvania.
The failures Friday evening of the $537 million-asset The First State Bank in Stockbridge, Ga., the $79 million-asset Central Florida State Bank in Belleview, Fla., and the $19 million-asset American Eagle Savings Bank in Boothwyn, Pa., were estimated to cost a total of $243 million to the Deposit Insurance Fund.
The Federal Deposit Insurance Corp. found buyers for all three institutions, and all depositors from the failed banks were protected.
Hamilton State Bank in Hoschton, Ga., agreed to pay a 0.5% premium to assume all of The First State Bank’s $527 million in deposits. The buyer will also acquire essentially all of the failed bank’s assets, while agreeing to share losses with the FDIC on about $419 million of those assets. The failure is estimated to cost the FDIC about $216 million.
In the Florida failure, CenterState Bank of Florida, in Winter Haven, will assume all of the failed bank’s nearly $78 million in deposits and acquire virtually all of its assets. The FDIC and the buyer will share losses on $53.6 million of those assets. The failure is estimated to cost the FDIC about $24 million.
Meanwhile, the failure of American Eagle Savings Bank was estimated to cost just over $3 million. Capital Bank in Rockville, Md., agreed to assume all of the failed bank’s nearly $18 million in deposits and acquire essentially all of its assets.