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Bank Failures #44 - 47: Florida and Massachusetts

By Anonymous

Banks new built Rockies.
Soaring peaks of verdant green
All debt, I.O.U's.
by Soylent Green is People
From the FDIC: TD Bank, National Association, Wilmington, Delaware, Acquires All the Deposits of Three Florida Institutions

TD Bank, National Association (N.A.), Wilmington, Delaware, acquired the banking operations, including all the deposits, of three Florida-based institutions. ... AmericanFirst Bank, Clermont; First Federal Bank of North Florida, Palatka; and Riverside National Bank of Florida, Fort Pierce
...
As of December 31, 2009, AmericanFirst Bank had total assets of $90.5 million and total deposits of $81.9 million; First Federal Bank of North Florida had total assets of $393.3 million and total deposits of $324.2 million; and Riverside National Bank of Florida had total assets of $3.42 billion and total deposits of $2.76 billion.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for AmericanFirst Bank will be $10.5 million; for First Federal Bank of North Florida, $6.0 million; and for Riverside National Bank of Florida, 491.8 million.
...
These were the 44th, 45th, and 46th banks to fail in the nation this year, and the seventh, eighth, and ninth banks to close in Florida. Prior to these failures, the last bank closed in the state was Key West Bank, Key West, on March 26, 2010.

From the FDIC: People's United Bank, Bridgeport, Connecticut, Assumes All of the Deposits of Butler Bank, Lowell, Massachusetts

As of December 31, 2009, Butler Bank had approximately $268.0 million in total assets and $233.2 million in total deposits.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.9 million. .... Butler Bank is the 47th FDIC-insured institution to fail in the nation this year, and the first in Massachusetts. The last FDIC-insured institution closed in the state was Ludlow Savings Bank, Ludlow, October 21, 1994.

That makes 5 today.

Full post as published by Calculated Risk on April 16, 2010 (boomark / email).