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Bank Failure Tally Jumps to 28 After Busy Friday

The FDIC's Deposit Insurance Fund (DIF) took a combined hit of approximately $80.8 million Friday after the closure of four banks.

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First Capital Bank in Oklahoma was announced by the FDIC as the first Oklahoma bank and the 25th bank overall to close in 2012. That announcement was followed by three more announcements of the closings of Carolina Federal Savings Bank in South Carolina, Farmers and Traders State Bank in Illinois, and Waccamaw Bank in North Carolina. These four closings bring 2012's bank failure tally to 28.

There were 92 bank closings in 2011, nearly half of which had occurred by the same date in 2012.

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*Bank closing details*

* ""First Capital Bank"":http://www.fcbanker.com/ in Kingfisher, Oklahoma, was announced by the FDIC as the first Oklahoma bank and the 25th bank overall to close in 2012. The FDIC entered into a purchase and assumption agreement with ""F & M Bank"":http://www.fmbankok.com/ of Edmond, Oklahoma to assume all of the deposits (approximately $44.8 million) and approximately $40.7 million of First Capital's $46. 1 million in assets. The cost to the DIF is estimated at $5.6 million.

* ""Carolina Federal Savings Bank"":http://www.carolinafederal.com/ in Charleston, South Carolina, was announced as the second South Carolina bank and the 26th bank overall to close this year. ""Bank of North Carolina"":http://www.bankofnc.com/ in Thomasville will assume $53.1 million in deposits and $41 million of the closed bank's $54.4 million in assets. The cost to the DIF is estimated to be $15.2 million.

* ""Farmer and Traders State Bank"":http://www.farmtrader.org/ in Shabbona, Illinois, was the second Illinois bank and the 27th overall to close in 2012. ""First State Bank"":https://www.firststatebank.biz/ of Mendota, Illinois, agreed to assume all $42.3 million in deposits and essentially all $43.1 million in total assets. The cost to the DIF is estimated at $8.9 million.

* ""Waccamaw Bank"":http://www.waccamawbank.com/ of Whiteville, North Carolina, was announced as the first North Carolina bank and the 28th overall to close this year. ""First Community Bank"":https://www.fcbresource.com/Default.aspx in Bluefield, Virginia, will assume all of Waccamaw Bank's $472.7 million in deposits and $515.3 million of the total $533.1 million in assets. The estimated cost to the DIF will be $51.1 million.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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