2 Banks Closed on March 11

2011 Tally of Failed Institutions: 30
2 Banks Closed on March 11
Federal and state regulators closed two banks on Friday, March 11.

These latest announcements of failed institutions make the total 30 so far in 2011.

The latest failures:

The First National Bank of Davis, Okla.

The First National Bank of Davis, Davis, Oklahoma, was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Pauls Valley National Bank, Pauls Valley, Oklahoma, to assume all of the deposits of The First National Bank of Davis.

The sole office of The First National Bank of Davis was to reopen under normal business hours beginning Saturday, March 12, as a branch of The Pauls Valley National Bank. Depositors of The First National Bank of Davis will automatically become depositors of The Pauls Valley National Bank.

As of December 31, 2010, The First National Bank of Davis had approximately $90.2 million in total assets and $68.3 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $26.5 million.

Legacy Bank, Milwaukee

Legacy Bank, Milwaukee, Wisconsin, was closed by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Seaway Bank and Trust Company, Chicago, to assume all of the deposits of Legacy Bank.

The sole branch of Legacy Bank was to reopen on Saturday as branch of Seaway Bank and Trust Company. Depositors of Legacy Bank will automatically become depositors of Seaway Bank and Trust Company.

As of December 31, 2010, Legacy Bank had approximately $190.4 million in total assets and $183.3 million in total deposits.

The FDIC estimates that the cost to the DIF will be $43.5 million.


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