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Two Banks Fall Under, Raising National Tally to Nine

State and federal regulators closed banks in Indiana and Illinois Friday, raising the national tally for failures to nine for 2012.

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Shelbyville, Indiana-based SCB Bank fell dark with about $182.6 million in total assets and $171.6 million in total deposits. The ""Office of the Comptroller of the Currency"":http://www.occ.treas.gov/ (OCC)

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closed the institution and appointed the ""FDIC"":http://www.fdic.gov/ to carry out responsibilities as receiver.

Muncie, Indiana-based ""First Merchants Bank"":http://www.firstmerchants.com/ sopped up $117 million in loans and $136 million in deposits from SCB. It also acquired four branches set to reopen Saturday.

""We're excited to be in Shelby County,"" Michael Rechin, president and CEO of First Merchants Bank, said in a statement.

The OCC also closed Charter National Bank and Trust in Hoffman Estates, Illinois. The bank went under with $93.9 million in total assets and $89.5 million in total deposits, which Hoffman Estates Community Bank, a branch of ""Barrington Bank & Trust Company"":http://www.barringtonbank.com/, assumed in an agreement.

The acquiring institution also rebranded two branches from Charter National on Saturday.

The total cost to the FDIC's Deposit Insurance Fund: $51.3 million. The new failures raise the national tally so far to nine, following 92 in 2011 and 157 in 2010.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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