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Four More Bank Failures Push Year’s Tally to 72

Regulators seized control of four community banks over the weekend, in Illinois, Georgia, Michigan, and Missouri. This latest round of closures brings the total number of[IMAGE]

insured ""institutional failures for the year"":http://www.fdic.gov/bank/individual/failed/banklist.html to 72 â€" already more than double the number of banks to go under this time last year.

""Midwest Bank and Trust Company"":http://www.midwestbank.com in Elmwood Park, Illinois, was the largest of the most recent shut-downs. Midwest Bank operated 23 branches, and had $3.17 billion in assets and $2.42 billion in deposits. ""Firstmerit Bank, N.A."":http://www.firstmerit.com/midwest of Akron, Ohio, stepped in to take over the failed bank's operations. Firstmerit agreed to pay the FDIC a premium of 0.4 percent for the deposits, and the FDIC agreed to share in the losses on $2.27 billion of the loans acquired. Midwest Bank's failure is expected to cost the federal agency $216.4 million.


In Saint Marys, Georgia, the single branch of ""Satilla Community Bank"":http://www.satillacommunitybank.com was also shuttered. Satilla had approximately $135.7 million in assets and $134 million in deposits. ""Ameris Bank"":http://www.amerisbank.com in Moultrie, Georgia paid the FDIC a premium of 0.19 percent to assume all of the failed bank's deposits. Ameris also agreed to purchase essentially all of the assets, of which the FDIC will share losses on $101 million. The FDIC says it expects the closing of the Georgia bank to cost $31.3 million.

Plymouth, Michigan's ""New Liberty Bank"":http://www.newlibertybank.com was seized by regulators. New Liberty had assets of $109.1 million and $101.8 million in deposits. The one-branch bank was acquired by ""Bank of Ann Arbor"":http://www.bankofannarbor.com, also in Michigan. Bank of Ann Arbor didn't pay a premium for the deposits, and the FDIC agreed to share the losses on $95.2 million of the assets picked up. The Michigan bank's closing is estimated to cost the FDIC $25 million.

In Springfield, Missouri, ""Southwest Community Bank"":https://www.southwestcommunitybank.net had its doors shuttered. Southwest Community also operated out of a single local branch. It had $96.6 million in assets and $102.5 million in deposits. ""Simmons First National Bank"":http://www.simmonsfirst.com in Pine Bluff, Arkansas, agreed to pay the FDIC a premium of 0.50 percent for the deposits, and the FDIC consented to share losses on $66.8 million of Southwest Community's assets. The FDIC estimates the failure to cost the federal insurance fund $29 million.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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