Bank Closings, May 7th and May 14th.

I forgot to post last weeks bank closings so I will combine this week with last weeks.

May 14, 2010:
1. Midwest Bank and Trust Company, Elmwood Park, Illinois, was closed today by the Illinois Department of Financial Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 23 branches of Midwest Bank and Trust Company will reopen on Saturday as branches of Firstmerit Bank, National Association. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $216.4 million.

2. Southwest Community Bank, Springfield, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Southwest Community Bank will reopen on Saturday as a branch of Simmons First National Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29.0 million.

3. New Liberty Bank, Plymouth, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of New Liberty Bank will reopen on Saturday as a branch of Bank of Ann Arbor. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.0 million.

4. Satilla Community Bank, Saint Marys, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Satilla Community Bank will reopen on Monday as a branch of Ameris Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.3 million.

May 7, 2010:
1. 1st Pacific Bank of California, San Diego, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The six branches of 1st Pacific Bank of California will reopen on Monday as branches of City National Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $87.7 million.

2. Towne Bank of Arizona, Mesa, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Towne Bank of Arizona will reopen on Monday as a branch of Commerce Bank of Arizona. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.8 million.

3. Access Bank, Champlin, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The two branches of Access Bank will reopen during normal business hours beginning on Saturday as branches of PrinsBank.  The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.5 million.

4. The Bank of Bonifay, Bonifay, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The five branches of The Bank of Bonifay will reopen on Monday as branches of First Federal Bank of Florida. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million.

Bank closures total this year....72

Cost to the FDIC (We The People) this week... $515.4 million

Cost to the FDIC (We The People) yearly...approx. $17 BILLION