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Message: 1 From: FDIC Subscriptions <subscriptions@fdic.gov> Date: Fri, 4 Nov 2011 08:04:29 -0500 (CDT) Subject: FDIC Issues List of Banks Examined for CRA Compliance
*Press Release*
*FDIC Issues List of Banks Examined for CRA Compliance*
* FOR IMMEDIATE RELEASE
November 4, 2011 * * Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
E-mail: ghernandez@fdic.gov *
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in August 2011. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.
A consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, can be obtained from the FDIC's Public Information Center, located at 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200), or via the Internet at www.fdic.gov [ http://www.fdic.gov/ ].
A copy of an individual bank's CRA evaluation is available directly from the bank, which is required by law to make the material available upon request, or from the FDIC's Public Information Center.
Attachments:
Monthly list of Banks Examined for CRA Compliance [ http://www.fdic.gov/regulations/community/monthly/ ]
November 2011 List of Banks Examined for CRA Compliance [ http://www.fdic.gov/regulations/community/monthly/2011/cranov11.html ]
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,513 banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars -- insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov [ http://www.fdic.gov/ ], by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html [ http://www.fdic.gov/about/subscriptions/index.html ]) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). *PR-175-2011*
The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe [ http://www.fdic.gov/about/subscriptions/profile_intro.html ].
Message: 2 From: FDIC Subscriptions <subscriptions@fdic.gov> Date: Fri, 4 Nov 2011 18:06:04 -0500 (CDT) Subject: Purdum State Bank, Purdum, Nebraska, Assumes All of the Deposits of Mid City Bank, Inc., Omaha, Nebraska
*Press Release*
*Purdum State Bank, Purdum, Nebraska, Assumes All of the Deposits of Mid City Bank, Inc., Omaha, Nebraska*
* FOR IMMEDIATE RELEASE
November 4, 2011 * * Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov *
Mid City Bank, Inc., Omaha, Nebraska, was closed today by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Purdum State Bank, Purdum, Nebraska, to assume all of the deposits of Mid City Bank, Inc.
Beginning Saturday Purdum State Bank will change its name to Premier Bank, at which time the five branches of Mid City Bank, Inc., will reopen during their normal business hours under the new name. Depositors of Mid City Bank, Inc. will automatically become depositors of Premier Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Mid
City Bank, Inc. should continue to use their existing branch until they receive notice from Premier Bank that it has completed systems changes to allow other Premier Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Mid City Bank, Inc. can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of September 30, 2011, Mid City Bank, Inc. had approximately $106.1 million in total assets and $105.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Purdum State Bank agreed to purchase essentially all of the assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-356-1848. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m.,Central Standard Time (CST); on Monday from 8 a.m. to 8 p.m., CST; and thereafter from 9:00 a.m. to 5:00 p.m., CST. Interested parties also can visit the FDIC's Web site at
http://www.fdic.gov/bank/individual/failed/midcity.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $12.7 million. Compared to other alternatives, Purdum State Bank's acquisition was the least costly resolution for the FDIC's DIF. Mid City Bank, Inc. is the 86th FDIC-insured institution to fail in the nation this year, and the first in Nebraska. The last FDIC-insured institution closed in the state was TierOne Bank, Lincoln, on June 4, 2010.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,513 banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars -- insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov [ http://www.fdic.gov/ ], by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html [ http://www.fdic.gov/about/subscriptions/index.html ]) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). *PR-176-2011*
The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe [ http://www.fdic.gov/about/subscriptions/profile_intro.html ].
Message: 3 From: FDIC Subscriptions <subscriptions@fdic.gov> Date: Fri, 4 Nov 2011 18:07:26 -0500 (CDT) Subject: Cache Valley Bank, Logan, Utah, Assumes Deposits of SunFirst Bank, Saint George, Utah
*Press Release*
*Cache Valley Bank, Logan, Utah, Assumes Deposits of SunFirst Bank, Saint George, Utah*
* FOR IMMEDIATE RELEASE
November 4, 2011 * * Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov *
SunFirst Bank, Saint George, Utah, was closed today by the Utah Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, to assume most of the deposits of SunFirst Bank. The FDIC will retain approximately $15 million in deposits that may be subject to external litigation involving SunFirst Bank. The affected accounts
were frozen prior to the failure of the bank. All other accounts were transferred to Cache Valley Bank.
The three branches of SunFirst Bank will reopen during their normal business hours beginning Saturday as branches of Cache Valley Bank. Depositors of SunFirst Bank will automatically become depositors of Cache Valley Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of SunFirst Bank should continue to use their existing branch until
they receive notice from Cache Valley Bank that it has completed systems changes to allow other Cache Valley Bank branches to process their accounts as well.
This evening and over the weekend, depositors of SunFirst Bank whose accounts were assumed by Cache Valley Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on those accounts will continue to be processed. Loan customers should continue to make their payments as usual.
As of September 30, 2011, SunFirst Bank had approximately $198.1 million in total assets and $169.1 million in total deposits. In addition to assuming deposits of the failed bank, Cache Valley Bank agreed to purchase approximately $177.3 million of the failed bank's assets. The FDIC will retain the balance of the assets for later disposition.
The FDIC and Cache Valley Bank entered into a loss-share transaction on $128.9 million of SunFirst Bank's assets. Cache Valley Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:
http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-895-0643. The phone number will be operational this evening until 9:00 p.m., Mountain Daylight and (MDT); on Saturday from 9:00 a.m. to 6:00 p.m., MDT; on Sunday from noon to 6:00 p.m., Mountain Standard Time (MST); on Monday from 8 a.m. to 8 p.m., MST; and thereafter from 9:00 a.m. to 5:00 p.m., MST. Interested parties also can visit the FDIC's Web site at
http://www.fdic.gov/bank/individual/failed/sunfirst.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $49.7 million. Compared to other alternatives, Cache Valley Bank's acquisition was the least costly resolution for the FDIC's DIF. SunFirst Bank is the 87th FDIC-insured institution to fail in the nation this year, and the first in Utah. The last FDIC-insured institution closed in the state was Advanta Bank Corp., Draper, on March 19, 2010.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,513 banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars -- insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov [ http://www.fdic.gov/ ], by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html [ http://www.fdic.gov/about/subscriptions/index.html ]) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). *PR-177-2011*
The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe [ http://www.fdic.gov/about/subscriptions/profile_intro.html ].
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