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February 27, 2011
Total bank failures at 23
The FDIC on Friday announced the closure of Valley Community Bank, St. Charles, Ill., which had $123.8 million in total assets and is expected to cost the Deposit Insurance Fund $22.8 million.
Valley Community is the 23rd federally insured bank closed in 2011 (see all closures). It follows the previous week's closures of four banks that together will cost the DIF $267.6 million.
The four closed Feb. 18, are:
- San Luis Trust Bank, FSB, San Luis Obispo, Calif., which had $332.6 million in total assets and is expected to cost the DIF $96.1 million;
- Charter Oak Bank, Napa, Calif., which had $120.8 million in total assets and is expected to cost the DIF $21.8 million in total assets;
- Citizens Bank of Effingham, Springfield, Ga., which had $214.3 million in total assets and is expected to cost the DIF $59.4 million;
- Habersham Bank, Clarkesville, Ga., which had $387.6 million in total assets and is expected to cost the DIF $90.3 million.
NCUA has announced three credit union liquidations so far this year.
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