State regulators closed three banks along the East Coast and one in Illinois on Friday night, bringing this year's failure tally to 80.
The four failures are expected to cost the Deposit Insurance Fund $221.7 million.
The North Carolina Office of Commissioner of Banks closed the $161 million-asset Blue Ridge Savings Bank Inc. in Asheville on Friday. Bank of North Carolina, in Thomasville, agreed to buy the failed bank's assets, but the Federal Deposit Insurance Corp. has agreed to share in losses on $143.2 million of the assets. Bank of North Carolina, a unit of BNC Bancorp, also agreed to assume the failed bank's $158.7 million in deposits. Blue Ridge's failure is expected to cost the Deposit Insurance Fund $38 million.
The Georgia Department of Banking and Finance closed the $201.7 million-asset Piedmont Community Bank in Gray. State Bank and Trust Co. in Macon, Ga., agreed to take over the failed bank's assets, with $163.2 million of the assets covered by a loss-share agreement with the FDIC. State Bank also assumed the bank's $181.4 million in deposits. Piedmont's failure is expected to cost $71.6 million.
To the north, the New Jersey Department of Banking and Insurance closed the $204.4 million-asset First State Bank in Cranford. Northfield Bank, in Staten Island, N.Y., agreed to buy the bank's assets and assume its $201.2 million in deposits. First State's failure is expected to cost $45.8 million.
Lastly, the Illinois Department of Financial and Professional Regulation closed $190.6 million-asset Country Bank in Aledo. Blackhawk Bank & Trust, in Milan, Ill., agreed to purchase $113.3 million of the failed bank's assets and the FDIC said in a press release that it would retain the balance for further disposition. Blackhawk Bank also agreed to assume the bank's $167.5 million in deposits. Country Bank's failure is expected to cost $66.3 million.
