Banks in Florida, Nebraska, Illinois and Oregon became the 10th through 13th banks to fail in the U.S. this year, the Federal Deposit Insurance Corp. announced on Friday.
Riverside Bank of the Gulf Coast, Cape Coral, Fla., Sherman County Bank, Loup City, Neb., Corn Belt Bank and Trust Co. of Pittsfield, Ill., and Pinnacle Bank of Beaverton, Ore., were the victims.
Riverside Bank of the Gulf Coast, Cape Coral, Fla., was closed on Friday and the FDIC was appointed receiver.
TIB Bank, Naples, Fla., will assume all of the deposits of Riverside Bank. TIB also agreed to buy around $125 million in assets -- mainly cash, cash equivalents and marketable securities. However, it won’t assume $142.6 million in brokered deposits held by Riverside Bank.
Riverside's nine offices will reopen on Tuesday as branches of TIB Bank.
The FDIC will retain the remaining assets for later disposition. It estimates that the cost to its Deposit Insurance Fund will be $201.5 million.
As of Dec. 31, Riverside Bank had assets of around $539 million and total deposits of $424 million. TIB Bank agreed to pay the FDIC a premium of 1.3%.
Customers who have questions about Riverside Bank of the Gulf Coast can call the FDIC toll-free at 1-800-823-5028.
The FDIC noted that Riverside Bank of the Gulf Coast is not affiliated with either Riverside National Bank of Florida, in Fort Pierce, Fla., or with Riverside Bank of Central Florida in Winter Park, Fla.
Sherman County Bank, Loup City, Neb., was closed on Friday as well, and the FDIC was appointed receiver.
Heritage Bank, Wood River, Neb., will assume all of the deposits -- as well as approximately $21.8 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition.
Sherman’s four offices, including those that operated under the name Howard County Bank, will reopen on Tuesday as branches of Heritage Bank, the FDIC said.
As of Feb. 12, Sherman County Bank had total assets of approximately $129.8 million and total deposits of $85.1 million. Heritage Bank will pay the FDIC a premium of 6%.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $28.0 million.
Customers who have questions about Sherman County Bank can call the FDIC toll-free at 1-800-823-5346.
Corn Belt Bank and Trust Company, Pittsfield, Ill., was closed, and Carlinville National Bank, Carlinville, Ill., will assume all its deposits.Carlinville National Bank also will buy $60.7 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition.
The two branches of CBBTCwill open as branches of Carlinville National Bank on Tuesday.
Carlinville National Bank will not assume $92 million in brokered deposits held by CBBTC. The FDIC said it will pay the brokers directly for the amount of their insured funds, and said that customers who placed money with brokers should contact them directly for information about their deposits.
As of Dec. 31, Corn Belt Bank and Trust Company had total assets of $271.8 million and total deposits of $234.4 million.
Carlinville National Bank will pay the FDIC a premium of 1.75%.
The FDIC estimates that the cost to its Deposit Insurance Fund will be $100 million.
Customers who have questions about CBBTC can call the FDIC toll-free at 1-800-331-6306.
Pinnacle Bank of Beaverton, Ore., was closed by the FDIC, which entered into a purchase and assumption agreement with Washington Trust Bank, Spokane, Wash., to take all of Pinnacle's deposits.
Pinnacle had only one branch, which will reopen as a branch of Washington Trust Bank on Tuesday.
As of Dec. 31, Pinnacle Bank had $73 million in assets and $64 million of deposits. In addition to assuming all of the deposits of the failed bank, including those from brokers, Washington Trust Bank agreed to purchase approximately $72 million in assets at a discount of $7.6 million. The FDIC will retain the remaining assets for later disposition.
The FDIC said it entered into a loss-share transaction with Washington Trust Bank, in which Washington Trust will share in the losses on approximately $66 million in assets covered under the agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $12.1 million.
Customers who have questions about Pinnacle can call the FDIC toll-free at 1-800-930-1848.
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