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 Ã¢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.[COLUMN_BREAK]
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.