Factbox: FDIC says 8 banks closed

WASHINGTON (BestGrowthStock) – The U.S. Federal Deposit Insurance Corp on Friday said community bank Chicago’s ShoreBank was acquired by Urban Partnership Bank in the largest failure in months.

FDIC also announced closures of seven other smaller banks closed by regulators. Following are highlights of those closures:

* Los Padres Bank, Solvang, California, with $870.4 million in assets and $770.7 million in deposits. Pacific Western Bank, San Diego will assume all of its deposits and almost all of its assets. FDIC estimate of the failure’s cost to the insurance fund is $8.7 million.

* Pacific State Bank, Stockton, California, will be acquired by Rabobank, National Association, El Centro, California. Rabobank entered into loss-share transactions with the FDIC on $249.7 million of Pacific State Bank’s total of $312.1 million in assets. The cost of this closing to the insurance fund is estimated at $32.6 million.

* Butte Community Bank, Chico, California, also closed today to be assumed by Rabobank, National Association, El Centro, California. Butte Community Bank has $498.8 million in assets and $471.3 million in deposits. The cost to the insurance fund is $17.4 million.

* Sonoma Valley Bank, Sonoma, California, with $337.1 million in assets. The bank will be acquired by Westamerica Bank, San Rafael, California which will assume all of Sonoma Valley Bank’s deposits and almost all of its assets. closing will cost the insurance fund $10.1 million.

* Community National Bank at Bartow in Bartow, Florida, with about $67.9 million in total assets. CenterState Bank of Florida, National Association, Winter Haven, Florida, will assume Community National Bank at Bartow’s $63.7 million in deposits, as well as about $51.9 million of its assets. The failure will cost the insurance fund about $10.3 million.

* Independent National Bank, Ocala, Florida, with about $156.2 million in assets, also acquired by CenterState Bank of Florida, N.A., which will assume the deposits and buy the assets. The FDIC said it entered into a loss-share agreement with CenterState Bank of Florida, N.A. on $119.7 million of the assets. The failure will cost the insurance fund $23.2 million.

* Imperial Savings and Loan Association, Martinsville, Virginia, with about $9.4 million in total assets. River Community Bank, National Association, Martinsville, Virginia, will assume the bank’s deposits and its assets. The failure will cost the insurance fund $3.5 million.

(Reporting by Alina Selyukh; editing by Carol Bishopric)

Factbox: FDIC says 8 banks closed