Bank failures for the week of May 28, 2010
Sun West Bank, Las Vegas, Nevada
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. To protect the depositors, the FDIC entered into a purchase and assumption agreement with City National Bank, Los Angeles, California, to assume all of the deposits of Sun West Bank.
Due to the Memorial Day holiday, the seven branches of Sun West Bank will reopen on Tuesday as branches of City National Bank. Depositors of Sun West Bank will automatically become depositors of City National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of Sun West Bank should continue to use their existing branch until they receive notice from City National Bank that it has completed systems changes to allow other City National Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Sun West Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2010, Sun West Bank had approximately $360.7 million in total assets and $353.9 million in total deposits. City National Bank will pay the FDIC a premium of 0.67 percent to assume all of the deposits of Sun West Bank. In addition to assuming all of the deposits of the failed bank, City National Bank agreed to purchase essentially all of the assets.
The FDIC and City National Bank entered into a loss-share transaction on $280.0 million of Sun West Bank’s assets. City National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. Information for customers of SunWest Bank
Granite Community Bank, Granite Bay, California
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. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri Counties Bank, Chico, California, to assume all of the deposits of Granite Community Bank, N.A.
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. Depositors of Granite Community Bank, N.A. will automatically become depositors of Tri Counties Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of Granite Community Bank, N.A. should continue to use their existing branch until they receive notice from Tri Counties Bank that it has completed systems changes to allow other Tri Counties Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Granite Community Bank, N.A. can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2010, Granite Community Bank, N.A. had approximately $102.9 million in total assets and $94.2 million in total deposits. Tri Counties Bank did not pay the FDIC a premium for the deposits of Granite Community Bank, N.A. In addition to assuming all of the deposits of the failed bank, Tri Counties Bank agreed to purchase essentially all of the assets.
The FDIC and Tri Counties Bank entered into a loss-share transaction on $89.3 million of Granite Community Bank, N.A.’s assets. Tri Counties Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. Information for customers of Granite Community Bank
Bank of Florida – Fort Lauderdale, Naples, and Tampa Bay, Florida
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.
Due to the Memorial Day holiday, all the branches of the three closed banks will reopen as branches of EverBank under their normal business hours on Tuesday. Depositors will automatically become depositors of EverBank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Bank of Florida – Southeast has six branches in Florida; Bank of Florida – Southwest has five branches in Florida; and Bank of Florida – Tampa Bay has two branches in Florida.
Customers of the three failed banks should continue to use their former branches until they receive notice from EverBank that it has completed systems changes to allow other EverBank branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2010, Bank of Florida – Southeast had total assets of $595.3 million and total deposits of $531.7 million; Bank of Florida – Southwest had total assets of $640.9 million and total deposits of $559.9 million; and Bank of Florida – Tampa Bay had total assets of $245.2 million and total deposits of $224.0 million. Besides assuming all the deposits from the three Florida banks, EverBank will purchase essentially all of their assets.
The FDIC and EverBank entered into loss-share transactions on all three of the failed banks’ assets. For Bank of Florida – Southeast the loss-share transaction was $437.3 million; for Bank of Florida – Southwest, $568.1 million; and for Bank of Florida – Tampa Bay, $210.8 million. Information for customers of Bank of Florida

Town Community Bank and Trust, Antioch, 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. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First American Bank, Elk Grove Village, Illinois, to assume all of the deposits of Town Community Bank and Trust.