Two Banks Closed on June 17

Year's Tally of Failed Institutions Now Tops 60
Two Banks Closed on June 17
State and federal banking regulators closed two banks on Friday, June 17. These actions raise the year's total number of failed institutions to 61 banks and credit unions that have closed, been acquired or placed into conservatorship.

The latest failures are:

First Commercial Bank of Tampa Bay

First Commercial Bank of Tampa Bay, Tampa, Florida, was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of First Commercial Bank of Tampa Bay.

The two branches of First Commercial Bank of Tampa Bay will reopen on Monday as branches of Stonegate Bank. Depositors of First Commercial Bank of Tampa Bay will automatically become depositors of Stonegate Bank.

As of March 31, 2011, First Commercial Bank of Tampa Bay had approximately $98.6 million in total assets and $92.6 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $28.5 million.

McIntosh State Bank

McIntosh State Bank, Jackson, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Hamilton State Bank, Hoschton, Georgia, to assume all of the deposits of McIntosh State Bank.

The four branches of McIntosh State Bank were to reopen on Saturday as branches of Hamilton State Bank. Depositors of McIntosh State Bank will automatically become depositors of Hamilton State Bank.

As of March 31, 2011, McIntosh State Bank had approximately $339.9 million in total assets and $324.4 million in total deposits

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $80.0 million.


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