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Half of Friday's 8 Bank Failures in California

Recent bank failures

Aug. 22, 2010

By MortgageDaily.com staff


State and federal banking regulators seized eight financial institutions with more than $4 billion in assets last week, and four were in California. Florida was home to two more. More than $400 million in losses are projected as a result of the latest round of bank failures.

The mayhem began with the Office of the Comptroller of the Currency's seizure of Independent National Bank in Ocala, Fla. When a federally insured bank fails, the Federal Deposit Insurance Corp. steps in as receiver, and this was the case with Independent. The OCC issued a cease-and-desist order against Independent in November 2009.

The OCC also shut down Community National Bank at Bartow in Bartow, Fla. In both cases, the OCC said "there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance." Community National was hit with an OCC cease-and-desist order in May.

CenterState Bank of Florida, National Association, stepped in to assume the deposits of both Independent National and Community National at par. It also acquired both banks' assets, which collectively exceeded $200 million.

Calling Imperial Savings and Loan Association "critically undercapitalized," the Office of Thrift Supervision closed the Martinsville, Va.-based institution. The bank, established nine months before the stock market crash in 1929, had just six employees and $9 million in assets.

Later in the day, the OTS took control of Los Padres Bank in the Danish-themed town of Solvang, Calif. Like with Imperial, the regulator said Los Padres was undercapitalized. The OTS issued a cease-and-desist order against Los Padres in October 2009.

Chicago's ShoreBank failed, with the Illinois Department of Financial and Professional Regulation seizing the $2.2 billion institution. Urban Partnership Bank acquired all of the assets and assumed $1.54 billion in deposits at an 0.50 percent premium. The cost to the Deposit Insurance Fund is estimated at $368 million factoring in a $1.4 billion loss-sharing agreement with the FDIC -- which issued cease-and-desist orders against the bank in March and in July 2009.

Next, the California Department of Financial Institutions shuttered Pacific State Bank, Sonoma Valley Bank and Butte Community Bank as a result of "inadequate capital and weakened financial condition."

A cease-and-desist order was issued by the FDIC against Butte in May. Pacific State was hit with an FDIC prompt corrective action in July, while it entered a formal agreement with the FDIC in February. Both banks were acquired by Rabobank, National Association.

Sonoma Valley faced an FDIC cease-and-desist order in May and an FDIC Final Order in April.

The FDIC reports that 118 federally insured banks have failed so far this year.


Aug. 20, 2010, Bank Failures
Bank Location Regulator Deposits (mil) Deposit prem. paid Assets (mil) Home Loans (mil) CRE Loans (mil) C&D (mil) Year Founded # Emp Acquirer FDIC Loss-Share Amount (mil) Deposit Ins. Fund Losses (mil)
Butte Community Bank Chico, Calif. California Department of Financial Institutions $471.3 million 4.05% $499 million $96 million $124 million $131 million 1990 217 Rabobank, National Association $425 million $17 million
Community National Bank At Bartow Bartow, Fla. OCC $64 million 0.00% $68 million $34 million $8 million $3 million 1984 14 CenterState Bank of Florida, National Association $52 million $10 million
Imperial Savings and Loan Association Martinsville, Va. OTS $10 million 0.00% $9 million $4 million $0.5 million $0.1 million 1929 6 River Community Bank, National Association $0 $4 million
Independent National Bank Ocala, Fla. OCC $156 million 0.00% $142 million $47 million $59 million $11 million 1988 59 CenterState Bank of Florida, National Association $120 million $23 million
Los Padres Bank Solvang, Calif. OTS $771 million 0.45% $870 million $157 million $270 million $86 million 1983 157 Pacific Western Bank $580 million $9 million
Pacific State Bank Stockton, Calif. California Department of Financial Institutions $279 million 0.00% $312 million $32 million $109 million $44 million 1987 81 Rabobank, National Association $250 million $33 million
ShoreBank Chicago Illinois Department of Financial and Professional Regulation $1,054 million 0.50% $2,160 million $307 million $638 million $154 million 1939 351 Urban Partnership Bank $1,410 million $368 million
Sonoma Valley Bank Sonoma, Calif. California Department of Financial Institutions $256 million 2.00% $337 million $59 million $131 million $42 million 1988 53 Westamerica Bank $0 million $10 million

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