5 Banks, 1 CU Closed on April 29

48 Failed Institutions so Far in 2011
5 Banks, 1 CU Closed on April 29
Federal and state banking regulators closed five banks and one credit union on Friday, April 29.

The latest closings raise the total number of failed institutions to 48 so far in 2011.

The latest failures are:

Utah Central Credit Union, Salt Lake City

The Utah Department of Financial Institutions has appointed the National Credit Union Administration as the liquidating agent for Utah Central Credit Union of Salt Lake City. Chartway Federal Credit Union of Virginia Beach, Va., immediately purchased and assumed Utah Central Credit Union's assets, liabilities and members.

The accounts of the new Chartway Federal Credit Union members remain federally insured up to $250,000 by the National Credit Union Share Insurance Fund.

At closure, Utah Central Credit Union had approximately $157 million in assets and served 22,00 members.

Community Central Bank, Mount Clemens, Mich.

Community Central Bank, Mount Clemens, Mich., was closed by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC entered into a purchase and assumption agreement with Talmer Bank & Trust, Troy, Mich., formerly known as First Michigan Bank, to assume all of the deposits of Community Central Bank.

The four branches of Community Central Bank will reopen as branches of Talmer Bank & Trust. Depositors of Community Central Bank will automatically become depositors of Talmer Bank & Trust.

As of Dec. 31, Community Central Bank had approximately $476.3 million in total assets and $385.4 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $183.2 million.

First Choice Community Bank and The Park Avenue Bank of Ga.

Bank of the Ozarks, Little Rock, Ark., acquired the banking operations, including all the deposits, of two Georgia-based banks. To protect depositors, the FDIC entered into purchase and assumption agreements with Bank of the Ozarks.

First Choice Community Bank, Dallas, Ga., and The Park Avenue Bank, Valdosta, Ga., were closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver.

All 19 branches of the two closed banks will reopen during their normal business hours beginning Saturday as branches of Bank of the Ozarks. Depositors of the two failed banks will automatically become depositors of Bank of the Ozarks

As of Dec. 31, First Choice Community Bank had total assets of $308.5 million and total deposits of $310.0 million; The Park Avenue Bank had total assets of $953.3 million and total deposits of $827.7 million.

The FDIC estimates that the cost to DIF for First Choice Community Bank will be $92.4 million; and for The Park Avenue Bank, $306.1 million.

First National Bank of Central Florida and Cortez Community Bank, Fla.

Premier American Bank, National Association, Miami, acquired the banking operations, including all the deposits, of two Florida-based banks. To protect depositors, the FDIC entered into purchase and assumption agreements with Premier American Bank, N.A.

All eight branches of the two closed banks will reopen on Monday as branches of Florida Community Bank, a division of Premier American Bank, N.A. Depositors of the two failed banks will automatically become depositors of Florida Community Bank. Deposits will continue to be insured by the FDIC. First National Bank of Central Florida, Winter Park, had six branches; and Cortez Community Bank, Brooksville, had two branches.

As of Dec. 31, First National Bank of Central Florida had total assets of $352.0 million and total deposits of $312.1 million; Cortez Community Bank had total assets of $70.9 million and total deposits of $61.4 million.

The FDIC estimates that the cost to the DIF for First National Bank of Central Florida will be $42.9 million; and for Cortez Community Bank, $18.6 million.


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