FDIC regulators shut down 7 banks today, three in Puerto Rico, two in Missouri, one in Michigan, and one in Washington.

  • The three failed banks in Puerto Rico controlled more than 20% of the assets in the U.S. Caribbean area. Westernbank, R-G Premier Bank and Eurobank, all three combined controlled $20.3 billion in assets.
  • The failure of Westernbank is expected to cost the FDIC insurance fund $3.3 billion; the failure of R-G Premier Bank to cost $1.2 billion; Eurobank, $743.9 million.
  • CF Bancorp in Michigan had $1.6 billion in assets; Champion Bank in Missouri had $187.3 million in assets; BC National Bank had $67.2 million in assets; and Frontier Bank in Washington had $3.5 billion in assets. Total for all cost FDIC $2.08 Billion.

Bank Name

City

State

CERT #

Closing Date

Updated Date

Frontier Bank Everett WA 22710 April 30, 2010 April 30, 2010
BC National Banks Butler MO 17792 April 30, 2010 April 30, 2010
Champion Bank Creve Coeur MO 58362 April 30, 2010 April 30, 2010
CF Bancorp Port Huron MI 30005 April 30, 2010 April 30, 2010
Westernbank Puerto Rico
En Español
Mayaguez PR 31027 April 30, 2010 April 30, 2010
R-G Premier Bank of Puerto Rico
En Español
Hato Rey PR 32185 April 30, 2010 April 30, 2010
Eurobank
En Español
San Juan PR 27170 April 30, 2010 April 30, 2010

In total, FDIC takes hit of $5.38 billion today on these failures. Brings year to date totals close to $16 billion.

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