Four Federal Deposit Insurance Corp. (FDIC)-insured institutions, including two in the Southeast region, fell last week.
The Office of the Comptroller of the Currency (OCC) closed Palm Beach, Fla.-based Lydian Private Bank, whose assets were acquired by Miami-based Sabadell United Bank NA. As of June 30, Lydian Private Bank had approximately $1.70 billion in total assets, $907.1 million of which are covered by a loss-share transaction entered into by Sabadell United Bank and the FDIC.
The OCC also closed Statesboro, Ga.-based First Southern National Bank. Albany, Ga.-based Heritage Bank of the South agreed to assume the deposits and purchase essentially all of the assets of the failed bank. The FDIC and Heritage Bank of the South's loss-share agreement covers $115.7 million of assets.
State regulators in Illinois closed Geneva, Ill.-based First Choice Bank. The FDIC entered into a purchase-and-assumption agreement with Oak Brook, Ill.-headquartered Inland Bank & Trust. First Choice Bank had approximately $141 million total assets as of the end of the second quarter.
Also, as reported last week, the Pennsylvania Department of Banking closed Huntingdon Valley, Pa.-based Public Savings Bank, whose assets were purchased by Rockville, Md.-based Capital Bank NA.
So far this year, 68 FDIC-insured banks have closed their doors.
