3 Banks Closed, 1 Credit Union Conserved74 Failed Institutions So Far in 2011
The latest failures:
As of March 31, 2011, Bank of Choice had approximately $1.07 billion in total assets and $924.9 million in total deposits. In addition to assuming all of the deposits, Bank Midwest, N.A. agreed to purchase approximately $853.0 million of the failed bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund [DIF] will be $213.6 million.
As of March 31, 2011, LandMark Bank of Fla. had total assets of $275.0 million and total deposits of $246.7 million.
The FDIC estimates that the cost to the DIF for LandMark Bank of Fla. will be $34.4 million.
As of March 31, 2011, Southshore Community Bank had approximately $46.3 million in total assets and $45.3 million in total deposits.
The FDIC estimates that the cost to the DIF for Southshore Community Bank will be $8.3 million.
The Commissioner of the Colorado Division of Financial Services appointed NCUA as conservator for Saguache County Credit Union. The state placed the credit union into conservatorship due to a declining financial condition. While continuing normal member services, NCUA will work to resolve issues affecting the institution's safety and soundness.
In its last Call Report, Saguache County Credit Union reported $17.7 million in assets and 3,165 members.
The Federal Credit Union Act authorizes the NCUA Board to accept appointment as conservator when necessary to conserve the assets of a federally insured credit union, protect members' interests, or protect the NCUSIF. Saguache County Credit Union is the ninth federally insured credit union placed into conservatorship during 2011.