This year's ""failed-bank tally"":http://www.fdic.gov/bank/individual/failed/banklist.html has hit 68 with the closings of four more FDIC-insured lenders. The latest casualties can be found in Florida, Georgia, Illinois, and Pennsylvania, and collectively are expected to cost the FDIC an estimated $374.8 million.[IMAGE]
""Lydian Private Bank"":https://www.lydianbank.com, based out of Palm Beach, Florida, was the largest of the seizures in this latest round. It operated five branches, with $1.24 billion in deposits and $1.70 billion in assets.
Its regulator, the Office of the Comptroller of the Currency, said Lydian Private Bank ""had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices.""
In an FDIC-assisted transaction, MiamiÃ¢â‚¬â„¢s ""Sabadell United Bank"":http://www.sabadellunited.com agreed to take over the failed institutionÃ¢â‚¬â„¢s deposits[COLUMN_BREAK]
and purchase essentially all of its assets. According to a statement from Sabadell, the deal is covered by a loss-share agreement under which the FDIC will bear 80 percent of impairment losses on certain loans acquired.
""First Southern National Bank"":http://www.first-southern.com/ out of Statesboro, Georgia, was also shut down. It had one branch location, $159.7 million in deposits, and assets totaling $164.6 million.
GeorgiaÃ¢â‚¬â„¢s ""Heritage Bank of the South"":https://www.eheritagebank.com/ agreed to take over the failed lender with $115.7 million of First Southern National Bank's assets covered under a loss-share transaction with the FDIC.
""First Choice Bank"":http://www.firstchoicebanks.com/, in Geneva, Illinois, was closed by its state regulator. First Choice had just a single branch office, $137.2 million in deposits, and $141.0 million in assets.
In addition to assuming all of the deposits of the failed bank, ""Inland Bank & Trust"":http://www.inlandbank.com out of Oak Brook, Illinois, agreed to purchase essentially all of the assets. There was no loss-share arrangement with the FDIC included in the deal.
In Huntingdon Valley, Pennsylvania, ""Public Savings Bank"":http://www.publicsavings.com/ was also shut down. Operating from a single branch location, Public Savings Bank had $45.8 million in total deposits and $46.8 million in assets.
""Capital Bank, N.A."":http://www.capitalbankmd.com, headquartered in Rockville, Maryland, stepped in to take over the failed institution, acquiring all of its deposits and assets. The transaction did not include any type of loss-share agreement with the FDIC.