Friday, August 29, 2008

Friday Bank Failure

From the FDIC.com:

Regions Bank Acquires All the Deposits of Integrity Bank, Alpharetta, Georgia

Integrity Bank, Alpharetta, Georgia, with $1.1 billion in total assets and $974.0 million in total deposits as of June 30, 2008, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation was named receiver.

The FDIC Board of Directors today approved the assumption of all the deposits of Integrity Bank by Regions Bank, Birmingham, Alabama. All depositors of Integrity Bank, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Regions Bank for the full amount of their deposits, and they will continue to have uninterrupted access to their deposits. Depositors will continue to be insured with Regions Bank so there is no need for customers to change their banking relationship to retain their deposit insurance.

The failed bank's five offices will reopen Tuesday, September 2nd, as branches of Regions Bank. However, for the time being, customers of both banks should use their existing branches until Regions Bank can fully integrate the deposit records of Integrity Bank.

Regions Bank has agreed to pay a total premium of 1.012 percent for the failed bank's deposits. In addition, Regions Bank will purchase approximately $34.4 million of Integrity Bank's assets, consisting of cash and cash equivalents. The FDIC will retain the remaining assets for later disposition.


The FDIC estimates that the cost to its Deposit Insurance Fund will be between $250 million and $350 million. Regions Bank's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to all alternatives because the expected losses to uninsured depositors were fully covered by the premium paid for the failed bank's franchise.

Integrity Bank is the tenth FDIC-insured bank to fail this year, and the first in Georgia since NetBank in Alpharetta on September 28, 2007.

8 comments:

Realestateslasher said...

Looks like the S & L scandel in 80s
can any one explain

Anonymous said...

Hey Crispy...do you have an e-mail address to send you something offline?

Thanks

Jeff

Anonymous said...

This is way bigger than just Columbia Savings & Loan though. We still haven't seen any big builders go chapter 7/11.

Anonymous said...

@ anonymous Mon Sep 01, 10:07:00 AM PDT

Crispy,

We really need an immediate delete/spam/fucktard button on this blog. Is that even possible?

I feel like I need a shower (and I just took one) to combat the blatant whoring in the last post. I hope I did not improve their google ranking by my response.

-Curious

Bakersfield Bubble said...

deleted.

contact - bakersfieldbubble@hotmail.com

The county default numbers for Aug will be out today...look for a post

Ichabod said...

GMAC is closing all of their Mortgage branches and laying off about 5,000 employees. This is apparently effecting our local branch also.

Bakersfield Bubble said...

There was a story online at the Californian...I just cant find it.

Anonymous said...

Okay it's Friday again. Who's the takeover target this weekend?