WASHINGTON Regulators closed two banks on the East Coast late Friday, bringing the year's failure total to five.
The Office of the Comptroller of the Currency shuttered the $130 million-asset Millennium Bank in Sterling, Va., while Pennsylvania state regulators closed the $63 million-asset Vantage Bank in Horsham, Pa. The two failures together were estimated to cost the Deposit Insurance Fund a little over $16 million.
The Federal Deposit Insurance Corp. announced deals that will protect all the depositors of both institutions. WashingtonFirst Bank in Reston, Va., agreed to pay the FDIC a 1% premium to assume all of Millennium's $122 million in deposits. The acquirer also agreed to purchase essentially all of the failed bank's assets. Millennium's failure was estimated to cost the FDIC $7.7 million.
Meanwhile, First Choice Bank in Mercerville, N.J., agreed to assume all of Vantage Point's $62 million in deposits and pay the FDIC a 1.5% premium. First Choice will also acquire essentially all of the failed bank's assets. The failure was estimated to cost the FDIC $8.5 million.
Friday's failures were the first since regulators seized Syringa Bank in Boise, Idaho, on Jan. 31. It was the first night with multiple failures since two banks were closed on Sept. 13.