UPDATE 4-FACTBOX-US FDIC says 8 banks closed

WASHINGTON, Aug 20 (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. [ID:nN20147123]

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)

UPDATE 4-FACTBOX-US FDIC says 8 banks closed