State and federal regulators stepped in to shut down five lenders over the weekend, including one New York-based credit union and four FDIC-insured institutions â€" two in Tennessee and one each in Florida and Minnesota.
[IMAGE]Eastern New York Federal Credit Union in Napanoch, New York, is the ""first federally insured credit union"":http://www.ncua.gov/News/Pages/NW20120127EasternNYFCU.aspx to be liquidated in 2012. It served approximately 6,800 members and had deposits of approximately $49 million. The National Credit Union Administration (NCUA) immediately transferred the failed institution's members, assets, loans, and debts to USAlliance Federal Credit Union of Rye, New York.
In Tennessee, BankEast, based out of Knoxville, and Tennessee Commerce Bank, headquartered in Franklin,
[COLUMN_BREAK]were both shuttered by state regulators and the FDIC named as receiver.
BankEast had 10 branch locations, $272.6 million in assets, and $268.8 million in deposits. The FDIC tapped U.S. Bank N.A., out of Cincinnati, Ohio, to take over the failed bank's operations.
Tennessee Commerce Bank's single branch with $1.185 billion in assets and $1.156 billion in deposits was scooped up by Republic Bank & Trust Company, based out of Louisville, Kentucky. Republic Bank & Trust Company agreed to purchase only $203.9 million of the failed bank's assets, however. The FDIC says it will retain ""most of the assets for later disposition.""
In Florida, First Guaranty Bank and Trust Company of Jacksonville has been closed. It operated eight branch offices with $377.9 million in assets and $349.5 million in deposits â€" all of which have been acquired by CenterState Bank of Florida, N.A.
Patriot Bank Minnesota in Forest Lake was also shut down. Its three branches, $111.3 million in assets, and $108.3 million in deposits, were assumed by First Resource Bank, out of Savage, Minnesota.
The number of lenders on the ""FDIC's failed-bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html for the 2012 calendar year now stands at seven. These latest four closings are expected to cost the federal agency a combined $607 million.