WASHINGTON — Regulators closed three more community banks Friday evening, bringing the 2009 failure total to 40.
The three failed banks — in North Carolina, Georgia and Kansas — totaled $1.5 billion in assets. The Federal Deposit Insurance Corp. announced deals to protect all their deposits — and store most of their assets — but the transactions will cost the agency roughly $363 million combined.
First, state regulators closed $970 million-asset Cooperative Bank in Wilmington, N.C., and $377 million-asset Southern Community Bank in Fayetteville, Ga. Later, the Office of the Comptroller of the Currency shuttered $157 million-asset First National Bank of Anthony.
The FDIC said First Bank, in Troy, agreed to assume virtually all of Cooperative's $774 million in deposits, less about $57 million in brokered funds that the FDIC will pay directly. The failed bank's 24 branches will reopen Monday as part of First Bank.
The acquirer will also buy roughly $942 million of the Cooperative's assets, agreeing to share in losses with the FDIC on an asset pool of about $852 million. The failure is estimated to cost $217 million to the Deposit Insurance Fund.
In Georgia's seventh failure this year, the FDIC said United Community, in Blairsville, paid a 1% premium to assume the $307 million in deposits from Southern Community, which will reopen Saturday under the new bank's brand.
United Community also agreed to take over roughly $364 million of the failed bank's assets. It entered into a loss-sharing deal with the FDIC on $253 million of those assets.
The failure is estimated to cost the DIF $114 million.
Finally, Bank of Kansas, in South Hutchinson, agreed to buy all $142 million in deposits from First National Bank of Anthony, paying a 0.5% premium. The acquirer will also buy virtually all of the failed bank's assets, sharing losses with the FDIC on a $130 million chunk. The FDIC said the failure is estimated to cost $32 million to the government.