Bank Closings-July 2nd, 9th and 16th, 2010

The following information is obtained from the following website: http://www.fdic.gov/news/news/press/2010/index.html

I need to do some catching up on the bank closures, so here goes....

1. Mainstreet Savings Bank, FSB, Hastings, Michigan, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The two branches of Mainstreet Savings Bank, FSB will reopen on Saturday as branches of Commercial Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.4 million.

2. Olde Cypress Community Bank, Clewiston, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The four branches of Olde Cypress Community Bank will reopen on Saturday as branches of CenterState Bank of Florida, N.A. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.5 million.

3, 4, 5. Metro Bank of Dade County, Miami, Florida; Turnberry Bank, Aventura, Florida; and First National Bank of the South, Spartanburg, South Carolina, were closed today by federal and state banking agencies, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for all three institutions. Collectively, the three failed institutions operated 23 branches, which will reopen as branches of NAFH National Bank using their current names and under their normal business hours, including those offices with Saturday hours. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Metro Bank of Dade County will be $67.6 million; for Turnberry Bank, $34.4 million; and for First National Bank of the South, $74.9 million.

6. Woodlands Bank, Bluffton, South Carolina, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The eight branches of Woodlands Bank will reopen on Monday as branches of Bank of the Ozarks. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $115.0 million.

7. Home National Bank, Blackwell, Oklahoma, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 15 branches of Home National Bank will reopen on Saturday as branches of RCB Bank. Depositors of Home National Bank will automatically become depositors of RCB Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million.

8. USA Bank, Port Chester, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of the failed bank will reopen on Saturday as a division of Customer's 1st Bank, thereby keeping the name USA Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $61.7 million.

9. The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Ideal Federal Savings Bank. The bank was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The cost to the FDIC's Deposit Insurance Fund is estimated to be $2.1 million.

10. Bay National Bank, Baltimore, Maryland, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The two branches of Bay National Bank will reopen on Monday as branches of Bay Bank, FSB. Depositors of Bay National Bank will automatically become depositors of Bay Bank, FSB. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million.

Total Bank Closings (year-to-date) = 96


Cost to the FDIC (We The People) this week... $494.7 million


Cost to the FDIC (We The People) for 2010 thus far ... approx. $18.6 BILLION