Three Banks Closed on July 29

61 Banks and 16 CUs Shuttered so Far in 2011
Three Banks Closed on July 29
Three banks were closed by state and federal banking regulators on Friday, July 29. These failures bring the year's tally to 77 failed institutions.

The latest failures:

Integra Bank, National Association, Evansville, Ind.

Integra Bank, National Association, Evansville, Ind., was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. [FDIC] as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Old National Bank, Evansville, Ind., to assume all of the deposits of Integra Bank, National Association.

As of March 31, 2011, Integra Bank, National Association had approximately $2.2 billion in total assets and $1.9 billion in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund [DIF] will be $170.7 million.

BankMeridian, N.A., Columbia, S.C.

BankMeridian, N.A., Columbia, S.C., was closed by the OCC, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, National Association, Orangeburg, S.C., to assume all of the deposits of BankMeridian, N.A.

As of March 31, 2011, BankMeridian, N.A. had approximately $239.8 million in total assets and $215.5 million in total deposits.

The FDIC estimates that the cost to the DIF will be $65.4 million.

Virginia Business Bank, Richmond

Virginia Business Bank, Richmond, Va., was closed by the Virginia State Corporation Commission. The FDIC was appointed as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Xenith Bank, Richmond, Va., to assume all of the deposits of Virginia Business Bank.

As of March 31, 2011, Virginia Business Bank had approximately $95.8 million in total assets and $85.0 million in total deposits.

The FDIC estimates that the cost to the DIF will be $17.3 million.


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