Just when it looked like the pace of bank failures had reached its peak six banks failed this past Friday. Read more about each failure and how it will affect customers with MyBankTracker.com
Rosemount National Bank of Rosemount, Minn., had just one branch to close when it failed earlier this week. Both its assets and deposits were transferred to Central Bank of Stillwater, Minn. Rosemount had $37.6 million in assets and $36.6 million in deposits as of the end of 2010.
Heritage Banking Group, based in Carthage, Miss., was closed this past Friday by state and federal employee. Its eight branches were converted to branches of Trustmark National Bank, which will assume the failed bank’s assets and liabilities. Heritage Banking had$224 million in assets and $196.2 million in deposits as of the end of 2010.
Birmingham, Ala.-based Superior Bank, which had 73 branches, will transfer both its assets and deposits to a newly-chartered bank subsidiary of Community Bancorp LLC, which is based in Houston. The failed bank had $3.0 billion in assets and $2.7 billion in total deposits as of the end of 2010.
The sole branch of Birmingham, Ala.-based Nexity Bank will now become a branch of AloStar Bank of Commerce, also based in Birmingham. Nexity, which had roughly $793.7 million in assets and $637.8 million in deposits as of the end of 2010, will transfer both to AloStar.
New Horizons Bank, based East Ellijay, Ga., had just one branch that Citizens South Bank of Gastonia, N.C. will acquire. New Horizons had $110.7 million in assets and $106.1 million in deposit at the end of 2010. Citizens Bank will purchase both through the transaction.
Finally, Bartow County Bank, which had roughly $330.2 million in assets and $304.1 million in deposits at the end of 2010, was closed by state regulators on Friday. Hamilton State Bank, based in Hoschton, Ga, will acquire both the bank’s assets and deposits.
For more information concerning the failures you can refer to the FDIC’s website, which also has detailed information concerning 26 other failures that occurred this year.