The biggest institution to fall Friday was Randallstown, Md.-based K Bank, which had $538.3 million in total assets at the end of September. Buffalo, N.Y.-based Manufacturers and Traders Trust Co. (M&T Bank) agreed to assume all of the non-brokered deposits and $410.8 million of K Bank's assets.
Olympia, Wash.-based Heritage Bank picked up the deposits and assets of Pierce Commercial Bank, which was closed by state regulators. The Tacoma, Wash.-based bank had approximately $221.1 million in total assets as of Sept. 30.
In California, First Vietnamese American Bank, of Westminster, and Western Commercial Bank, of Woodland Hills, were shuttered. Los Angeles-based Grandpoint Bank agreed to assume ‘essentially all’ of First Vietnamese American Bank's assets, which totaled $48 million at the end of September. Westlake Village, Calif.-based First California Bank assumed Western Commercial Bank's assets, which were about $98.6 million as of Sept. 30.
The FDIC estimates the four closings will cost the Deposit Insurance Fund about $254.5 million.