As per usual, we begin in Georgia. The last one of the night is a big one.
- Failed bank: United Security Bank, Sparta GA
- Acquiring bank: Ameris Bank, Moultrie GA
- Vitals: as of 9/14/09, assets of $157m, deposits of $150m
- DIF damage: $58 million
Ameris Bank also bought American United two weeks ago.
- Failed bank: Home Federal Savings Bank, Detroit MI
- Acquiring bank: Liberty Bank and Trust, New Orleans LA
- Vitals: as of 9/24/09, assets of $14.9m, deposits of $12.8m
- DIF damage: $5.4 million
- Failed bank: Prosperan bank, Oakdale MN
- Acquiring bank: Alerus Financial NA, Grand Forks ND
- Vitals: as of 8/30/09, assets of $199.5m, deposits of $175.6m
- DIF damage: $60.1 million
- Failed bank: Gateway Bank of St. Louis, St. Louis MO
- Acquiring bank: Central Bank of Kansas City, KC MO
- Vitals: as of 9/25/09, assets of $27.7m, deposits of $27.9m
- DIF damage: $9.2 million
- Failed bank: United Commercial Bank, SF CA
- Acquiring bank: East West Bank, Pasadena CA
- Vitals: as of 10/23/09, assets of $11.2 billion, deposits of $7.5 billion
- DIF damage: $1.4 billion
The LA Times notes that United Commercial got $299 million of TARP money, which is now gone.
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Well, at least not too much DIF damage.
Putting the largest 19 financial institutions in America on the ‘do not touch list’ makes a big difference but there are a number of smaller, yet big enough to hurt the DIF institutions our there who are being left alone despite having received ‘fix it’ letters from the FDIC.
WHY?
- Posted by sangellone