Regulators seized banks in Arlington, Wash., and Boca Raton, Fla., over the weekend, bringing the number of U.S. bank failures for the year to 127.
The Federal Deposit Insurance Corporation (FDIC) said that Whidbey Island Bank, Coupeville, Wash., would assume all of the deposits of North County Bank. In Boac Raton, First Southern Bank assumes the deposits of Haven Trust Bank Florida, Ponte Vedra Beach.
The four branches of North County Bank will reopen as branches of Whidbey Island Bank. Depositors of North County Bank will automatically become depositors of Whidbey Island Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage.
Customers of North County Bank should continue to use their existing branch until they receive notice from Whidbey Island Bank that it has completed systems changes to allow other Whidbey Island Bank branches to process their accounts as well.As of June 30, 2010, North County Bank had approximately $288.8 million in total assets and $276.1 million in total deposits. Whidbey Island Bank will pay the FDIC a premium of 2.0 percent to assume all of the deposits of North County Bank. In addition to assuming all of the deposits of the failed bank, Whidbey Island Bank agreed to purchase essentially all of the assets.
Customers who have questions about the transaction can call the FDIC toll-free at 1-800-508-8289 or visit the agency's Web site at www.fdic.gov/bank/individual/failed/northcounty.html.
The two branches of Haven Trust Bank Florida will reopen as branches of First Southern Bank. Depositors of Haven Trust Bank Florida will automatically become depositors of First Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Haven Trust Bank Florida should continue to use their existing branch until they receive notice from First Southern Bank that it has completed systems changes to allow other First Southern Bank branches to process their accounts as well.
As of June 30, 2010, Haven Trust Bank Florida had approximately $148.6 million in total assets and $133.6 million in total deposits. First Southern Bank did not pay the FDIC a premium for the deposits of Haven Trust Bank Florida. In addition to assuming all of the deposits of the failed bank, First Southern Bank agreed to purchase essentially all of the assets.
Customers who have questions about the transaction can call the FDIC toll-free at 1-800-430-6165 or visit its Web site at www.fdic.gov/bank/individual/failed/haventrust_fl.html.
The largest bank failure since the beginning of the financial crisis in 2007 is Washington Mutual, which had $307 billion in assets when it was seized in September 2008.
