The tally of bank casualties in the wake of the real estate downturn and the ensuing economic crisis continues to swell. This weekend, regulators shut the doors on four more regional lenders â€" two in New York and one each in[IMAGE]Florida and Louisiana. That brings the number of institutions on the ""FDIC's failed bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html to 30 for the year.
In New York City, state regulators have shut down ""LibertyPointe Bank"":http://www.libertypointebank.com. The small three-branch institution had $209.5 million in deposits and $209.7 million in loans and other assets. ""Valley National Bank"":http://www.ValleyNationalBank.com in Wayne, New Jersey agreed to take over LibertyPointe's deposits for a premium of 0.15 percent and purchase essentially all of the failed bank's assets.
The FDIC and Valley National Bank entered into a loss-share transaction on $181.5 million of LibertyPointe Bank's assets. The FDIC expects this closure to cost its deposit insurance fund $24.8 million.
Valley National Bank also acquired the ""Park Avenue Bank"":https://www.parkavenuebank.com in New York City over the weekend. The failed lender had
[COLUMN_BREAK]four branch offices; $494.5 million in deposits, which Valley National paid a 0.15 percent premium for; and $520.1 million in assets, which Valley National also agreed to purchase.
The FDIC and Valley National Bank entered into a loss-share transaction on $379.8 million of Park Avenue Bank's assets. As part of this transaction, the FDIC will acquire a cash appreciation instrument. The federal agency estimates the failure to cost $50.7 million. The two New York closures are the first in the state since the beginning of the year.
In Orlando, Florida, ""Old Southern Bank"":http://www.oldsouthernbank.com was shut down by state regulators. The FDIC brokered a deal with ""Centennial Bank"":http://www.my100bank.com of Conway, Arkansas to take over the failed bank's seven-branch operation. Centennial paid a 1.00 percent premium for Old Southern's $319.7 million in deposits, and purchased all of its $315.6 million in loans and assets.
The FDIC and Centennial Bank entered into a loss-share transaction on $282.7 million of Old Southern Bank's assets. The Florida bank's collapse is expected to cost the FDIC $94.6 million. It's the fourth community-based institution to go under in the state this year.
""Statewide Bank"":https://www.statewidebank.com in Covington, Louisiana was also closed by its state regulator. ""Home Bank"":http://www.home24bank.com/site142.php in Lafayette, Louisiana stepped in to acquire Statewide's six branches; its $208.8 million in deposits, which Home Bank did not have to pay the FDIC a premium for; and the failed bank's $243.2 million in assets.
The FDIC and Home Bank agreed to share losses on $163.5 million of Statewide Bank's assets. The Louisiana bank's failure is the first in the state since 2002, and is expected to cost the FDIC $38.1 million to resolve.