Monday, August 1, 2011

FDIC Closes Integra Bank, Virginia Business Bank & BankMeridian

On Friday July 29 the Federal Deposit Insurance Corp (FDIC) closed three more banks bringing its total number of bank failures to 61 this year.

The three banks seized were:
  1. Integra Bank (IBNK.PK) which is based in Evansville, Indiana. Integra had 52 branches with $2.2 billion in assets and $1.9 billion in deposits. Integra Bank received $83.6 million in taxpayer funds in February 2009 under the government's TARP financial bailout program. These funds have not been repaid, according to the Treasury data.
  2. Virginia Business Bank with a single branch in Richmond, Virgina. Reports says Virginia Business Bank had $95.8 million in assets and $85 million in deposits,BankMeridian with its three branches is based in Columbia, South Carolina.
  3. BankMeridian had $239.8 million in assets and $215.5 million in deposits.
Old National Bank, based in Evansvill, Indiana will assume the assets and deposits of Integra Bank and "share" with the FDIC losses on $1.2B in loans and other assets.

Richmond Virginia based Xenith Bank agreed to assume the assets and deposits of Virginia Business Bank.

Orangeburg South Carolina based "South Carolina Bank and Trust" will acquire the assets and deposits of BankMeridian. Also, the FDIC and South Carolina Bank and Trust agreed to share losses on $179 million of BankMeridian's assets.