Waccamaw Bank in Whiteville, NC, was closed by the North Carolina Office of the Commissioner of Banks, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver.
First Community Bank (FCB) of Bluefield, VA, acquired the deposits of all 16 Waccamaw branches.
As of March 31, 2012, Waccamaw Bank had $533.1 million in total assets and $472.7 million in total deposits. Included in those assets were $48.8 million in delinquent and foreclosed
commercial real estate assets.
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First Community Bank agreed to purchase $515.3 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and First Community Bank entered into a loss-share transaction on $330.6 million of Waccamaw Bank's assets.
"We are excited to expand our operations into Eastern North Carolina and Horry and Lancaster counties, South Carolina" said John Mendez, CEO of First Community Bancshares Inc., the holding company of First Community Bank. "This is a natural geographic progression from our North Carolina markets. The Eastern Carolina corridor is vibrant and attractive; we look forward to serving our new customers in that region."
The FDIC estimates that the cost to its Deposit Insurance Fund (DIF) will be $51.1 million.
Bank of North Carolina, a wholly-owned subsidiary of BNC Bancorp acquired certain assets and assumed all of the deposits and substantially all other liabilities of
Carolina Federal Savings Bank in Charleston, SC.
Carolina Federal was closed by the Office of the comptroller of the Currency and the FDIC was named as receiver. The OCC said Carolina Federal experienced substantial dissipation of assets and earnings due to unsafe or unsound practices. The OCC also found that the institution incurred losses that depleted its capital, the institution was undercapitalized, and there was no reasonable prospect that it will become adequately capitalized.
As of March 31, Carolina Federal Savings Bank operated two branches and had $54.4 million in total assets.
Bank of North Carolina purchased $31 million in performing loans and assumed $52 million in local deposits from the FDIC. BNC's bid excluded $14 million in troubled assets and other real estate primarily residential that will be retained by the FDIC.
"Charleston is one of the most dynamic coastal markets in South Carolina and we are excited to extend BNC's footprint into the area," said Rick Callicutt, president of BNC. "This transaction is an important step as we continue to build our presence in South Carolina, and specifically Charleston, which is a vibrant tourist destination seeing meaningful development by major corporations, and has significant opportunities for growth."
The FDIC estimates that the cost to its DIF will be $15.2 million.
First Capital Bank in Kingfisher, OK, was closed by the Oklahoma State Banking Commissioner due to exhaustion of capital funds as a result of significant loan losses. OBC took possession of the bank and assigned the liquidation and receivership of the bank to the Federal Deposit Insurance Corp. (FDIC).
Simultaneous with the closing, the FDIC announced that it had reached a purchase and assumption agreement with F&M Bank in Edmond, OK, to assume all deposits of the failed bank and to purchase certain assets..
As of March 31, First Capital Bank operated one branch and had $46.1 million in total assets, including $10.8 million in delinquent and foreclosed commercial real estate. F&M Bank agreed to purchase $40.7 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to its DIF will be $5.6 million.
Farmers' and Traders' State Bank in Shabbona, IL, was closed by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver.
The FDIC entered into a purchase and assumption agreement with First State Bank in Mendota, IL, to assume all of the deposits of Farmers and Traders State Bank.
As of March 31, Farmers and Traders State Bank had two branches and $43.1 million in total assets. First State Bank agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that the cost to its DIF will be $8.9 million.
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