FDIC Reports First Bank Failures Since November

The Federal Deposit Insurance Corp. (FDIC) reported two new bank failures Friday – the first time in nearly a month that an FDIC-insured institution fell.

The Office of the Comptroller of the Currency closed Phoenix-based Western National Bank and appointed the FDIC as receiver. The FDIC, in turn, entered into a purchase-and-assumption agreement with Seattle-based Washington Federal to assume all of the failed bank's deposits and essentially all of its assets.

As of Sept. 30, Western National Bank had approximately $162.9 million in total assets and $144.5 million in total deposits.

The other bank to fall last week was Crestview, Fla.-based Premier Community Bank of the Emerald Coast, which was shuttered by the Florida Office of Financial Regulation. The FDIC, which was appointed receiver, entered into a purchase-and-assumption agreement with Panama City, Fla.-based Summit Bank NA.

As of Sept. 30, Premier Community Bank of the Emerald Coast had approximately $126.0 million in total assets and $112.1 million in total deposits. The FDIC and Summit Bank entered into a loss-share transaction on $98 million of Premier Community Bank of the Emerald Coast's assets.

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