4 More Banks Closed by the FDIC

4 more banks have failed so far this weekend and have been bailed out by the FDIC.
We’re now up to 68 failed banks for 2011. 
Sheila Bair and friends must have big plans for the weekend as they started the festivities off early by closing the Public Savings Bank of PA on Thursday night!


Public Savings Bank of PA- Public Savings Bank had approximately $46.8 million in total assets and $45.8 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.0 million.

Press Release:

Lydian Private Bank of Palm Beach, FL- Lydian Private Bank had approximately $1.70 billion in total assets and $1.24 billion in total deposits. The FDIC and Sabadell United Bank, National Association entered into a loss-share transaction on $907.1 million of Lydian Private Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $293.2 million.

Press release:

First Southern National Bank of Statesboro, GA- First Southern National Bank had approximately $164.6 million in total assets and $159.7 million in total deposits.
The FDIC and Heritage Bank of the South entered into a loss-share transaction on $115.7 million of First Southern National Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.6 million.
Press Release:

First Choice Bank of Geneva, IL- First Choice Bank had approximately $141.0 million in total assets and $137.2 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.0 million.
Press Release: