The Federal Deposit Insurance Corp. took over Midwest Bank and Trust, which had about $2.4 billion in deposits and $3.2 billion in assets.
FirstMerit Bank, N.A., of Akron, Ohio, agreed to assume all the deposits of Midwest Bank and Trust and essentially all the assets.
Midwest Bank and Trust had 23 branches. FirstMerit is a division of FirstMerit Corp. According to its website, FirstMerit Bank has 186 offices in Ohio, Pennsylvania and Illinois.
The FDIC and Firstmerit Bank agreed to share losses on about $2.3 billion of Midwest Bank and Trust assets. The move is expected to cost the deposit insurance fund about $216.4 million.
The other banks the FDIC took over were:
• New Liberty Bank, based in Plymouth, Mich. The bank had about $101.8 million in deposits and $109.1 million in assets. Bank of Ann Arbor in Ann Arbor, Mich., agreed to acquire the deposits and nearly all of its assets. New Liberty Bank had one branch.
• Southwest Community Bank, based in Springfield, Mo. It had deposits of about $102.5 million and $96.6 million in assets. Simmons First National Bank of Pine Bluff, Ark., will acquire the deposits of Southwest Community Bank and essentially all of its assets. Southwest Community Bank had one branch.
• Satilla Community Bank, based in Saint Marys, Ga.
It had about $134 million in deposits and $135.7 million in assets. Ameris Bank, based in Moultrie, Ga., agreed to acquire the bank's deposits and nearly all of its assets. Satilla Community Bank had one branch.
Satilla Community Bank was the eighth bank to fail this year in Georgia, one of the states where the meltdown in the real estate market brought an avalanche of soured mortgage loans. There were 25 bank failures in Georgia last year, more than in any other state. Also high on the list are California, Florida and Illinois.(2 of 2)
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