Centennial Bank, Waterfield Bank, Sun American Bank and Bank of Illinois were shut down by federal regulators on Friday, pushing the number of bank failures to 26 for the year of 2010.
The Federal Deposit Insurance Corporation (FDIC) has since far been unable to find buyers for two of the banks, Centennial Bank in Ogden, UT and Waterfield Bank of Germantown, MD, according to a statement on the FDIC website marked on Saturday.
The largest of yesterday’s bank failures was Sun American Bank, based out of Boca Raton, FL. The bank was purchased by First-Citizens Bank & Trust Co.
Sun American is First Citizens Bank’s fourth acquisition of another bank through the FDIC’s resolution process in recent history. The lender purchased Sun American for $443.5 million in deposits and shared losses with the FDIC on $433 million in assets.
Heartland Bank and Trust will pay regulators a 3.61% premium for Bank of Illinois’ $198.5 million in deposits after it was shut down by state regulators. The FDIC will share losses with Heartland on $166.6 million of assets, ccording to a statement.
Zions Bank was named to take over some of the operations of Centennial Bank. Utah regulators closed Centennial and put Zions in charge of managing direct deposits related to government benefits such as Social Security.
The office of Thrift Supervision shut down Waterfield bank. The failed company’s $155.6 million worth of assets and $156.4 million worth of deposits will be placed under a newly chartered lender that wills stay open through April 5th, said the FDIC.
