Home / News / Government / Two More Bank Failures, National Tally Now at 15
Print This Post Print This Post

Two More Bank Failures, National Tally Now at 15

Two banks closed over the weekend, raising the national tally of failed FDIC-insured banks to 15 so far this year.


State regulators closed Covenant Bank & Trust of Rock Spring, Georgia, the fourth bank to close in Georgia in 2012. ""Stearns Bank"":https://www.stearnsbank.com/ of St. Cloud, Minnesota will assume all deposits of the failed bank.


The FDIC and Stearns entered into a loss-share transaction on $71.6 million of the closed bank’s assets.

The FDIC estimates that the cost to the insurance fund for the failure will be $31.5 million. The two branches of Covenant Bank & Trust reopened on Monday as branches of Stearns.

Premier Bank of Wilmette, Illinois, the third bank in Illinois to go under, will have ""International Bank of Chicago"":http://www.inbk.com/ assume all of its deposits and purchase all assets.

As of December 31, 2011, Premier held approximately $268.7 million in assets and $199 million in deposits. The estimated cost to the FDIC insurance fund is $64.1 million.

The two branches of Premier reopened Saturday as branches of International Bank of Chicago.

The last FDIC-insured institution closed in the state was New City Bank, Chicago, on March 9, 2012.

Last year, 92 FDIC-insured banks closed, compared to 157 closings in 2010.

About Author: Esther Cho


Check Also

HUD Extends Exclusive Listing Period

HUD has announced a change to the length of time that HUD-owned REO properties have exclusive listing rights for owner/occupants and “mission-minded” organizations. Here’s what you need to know.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.