Failures in Georgia, Illinois Raise 2012 Total to 15

State regulators closed two banks on Friday, bringing the year's tally to 15. The two failures, in Georgia and Illinois, are expected to cost the Deposit Insurance Fund $ 95.6 million.

The Georgia Department of Banking and Finance closed the $95.7 million-asset Covenant Bank & Trust in Rock Spring. The Federal Deposit Insurance Corp. entered into an agreement with Stearns Bank in St. Cloud, Minn., on Covenant's assets, with $71.6 million of those assets covered by a loss-share arrangement. Stearns also agreed to assume the failed bank's $71.6 million in deposits.

The failure is expected to cost the Deposit Insurance Fund $31.5 million.

Stearns has been one of the busiest failed-bank acquirers. Including Covenant, Stearns has acquired seven banks in Arizona, Florida, Georgia and Minnesota since 2008. It was, however, on a breather. Its last failed bank deal was in November 2010 for Copper State Bank in Scottsdale, Ariz.

An hour later, the Illinois Department of Financial and Professional Regulation closed the $268.7 million-asset Premier Bank in Wilmette. The FDIC sold the bank's assets to International Bank of Chicago without a loss-sharing arrangement.  International Bank also agreed to assume $199 million of Premier's deposits.

That failure is expected to cost $64.1 million.

It is International Bank's second failed bank deal; it bought All American Bank in Des Plaines, Ill., in October.

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