1. Sun West Bank, Las Vegas, Nevada, was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Due to the Memorial Day holiday, the seven branches of Sun West Bank will reopen on Tuesday as branches of City National Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $96.7 million.
2. Granite Community Bank, N.A., Granite Bay, California, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Due to the Memorial Day holiday, the three branches of Granite Community Bank, N.A. will reopen on Tuesday as branches of Tri Counties Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.3 million.
3. EverBank, Jacksonville, Florida, acquired the banking operations, including all the deposits, of three Florida-based institutions. To protect depositors, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with EverBank. Bank of Florida – Southeast, Fort Lauderdale, Florida; Bank of Florida – Southwest, Naples, Florida; and Bank of Florida – Tampa Bay, Tampa, Florida, were all closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The three failed banks were owned by the same holding company, Bank of Florida Corporation, which was not part of this transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Bank of Florida - Southeast will be $71.4 million; for Bank of Florida - Southwest, $91.3 million; and for Bank of Florida – Tampa Bay, $40.3 million.
Total Bank Closings = 78
Cost to the FDIC (We The People) this week... 317 Million
Cost to the FDIC (We The People) yearly...approx. $17.3 BILLION
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