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Four banks were shut down Friday, bringing the tally of fallen banks so far this year to 28. The banks were located in Illinois, North Carolina, Oklahoma, and South Carolina.
[IMAGE]The ""Illinois Department of Financial and Professional Regulation"":http://www.idfpr.com/ closed Shabbona, Illinois-based ""Farmers and Traders State Bank."":http://www.farmtrader.org/ The failed bank held $43.1 million in assets and $42.3 million in deposits as of the end of the first quarter of the year.
""First State Bank,"":https://www.firststatebank.biz/ based in Mendota, Illinois, entered a purchase and assumption agreement with the ""Federal Deposit Insurance Fund"":http://www.fdic.gov/ (FDIC) to assume all the failed bank's deposits and failed assets.
Farmers and Traders State Bank's failure cost the FDIC $8.9 million.
Costing the FDIC substantially more, the ""Office of the Comptroller of the Currency"":http://www.occ.treas.gov/ (OCC) closed Whiteville, North Carolina-based ""Waccamaw Bank"":http://www.waccamawbank.com/ Friday draining the FDIC of
[COLUMN_BREAK]about $51.1 million.
Waccamaw held about $533.1 million in assets and $472.7 million in deposits as of the end of the first quarter.
Bluefield, Virginia-based ""First Community Bank"":https://www.fcbresource.com/home.aspx has assumed all of the deposits of Waccamaw and has agreed to purchase $515.3 million of its assets. The remainder will be deposited later by the FDIC.
Additionally, First Community Bank and the FDIC have agreed to a loss-share transaction for $330.6 million of Waccamaw's assets.
Based in Kingfisher, Oklahoma, ""First Capital Bank"":http://fmbankok.com/ shut its doors Friday at the behest of the Oklahoma State Banking Department, and its sole branch reopened Saturday as part of Edmond, Oklahoma-based F&M Bank.
""F&M Bank"":http://www.fmbankok.com/ is assuming all of First Capital's deposits at a price of 7.65 percent and will purchase $40.7 million of its failed assets. The remaining assets will be absorbed by the FDIC, which bears a $5.6 million loss as a result of First Capital's failing.
As of the end of the first quarter, First Capital held $46.1 million in assets and $44.8 million in deposits.
The OCC closed Charleston, South Carolina-based ""Carolina Federal Savings Bank"":http://www.carolinafederal.com/ Friday. Thomasville, North Carolina-based ""Bank of North Carolina"":http://www.bankofnc.com/ agreed to assume all the deposits of the failed bank, which held $54.4 million in assets and $53.1 million in deposits as of the end of March.
Bank of North Carolina will also purchase $41 million of the failed bank's assets, while the FDIC will absorb the rest.
The failure of the Charleston-based bank will cost the FDIC about $15.2 million.
