Three banks, including two institutions regulated by the Office of the Comptroller of the Currency (OCC), were closed Friday.
Included among the OCC closings was Evansville, Ind.-based Integra Bank NA, whose banking operations the Federal Deposit Insurance Corp. (FDIC) sold to Evansville-based Old National Bank. As of the end of March, Integra Bank had approximately $2.2 billion in total assets. The failure is expected to cost the FDIC's Deposit Insurance Fund (DIF) about $170.7 million.
The OCC also closed Columbia, S.C.-based BankMeridian NA, which the FDIC sold to Orangeburg, S.C.-based SCBT NA as part of a purchase-and-assumption agreement. SCBT and the FDIC entered into a loss-share transaction on $179 million of the failed bank's assets. BankMeridian's failure is expected to cost the DIF about $65.4 million.
State regulators in Virginia closed Richmond-based Virginia Business Bank. Richmond, Va.-based Xenith Bank assumed the assets and deposits. The FDIC says the closing will cost approximately $17.3 million.
