With more than 80 banks already in bankruptcy so far this year, the Federal Deposit Insurance Corp. reported Friday that it has closed 3 more banks and assigned their assets and deposits to other institutions.
Bradford Bank, Baltimore, Maryland, was closed Friday by the Office of Thrift Supervision, and the FDIC assigned its assets to Manufacturers and Traders Trust Company, Buffalo, N.Y. Bradford Bank’s 9 branches have reopened as branches of M&T.
As of June 30, Bradford Bank had total assets of $452 million and total deposits of about $383 million, according to the FDIC.
The FDIC and M&T entered into a loss-share transaction on about $338 million of Bradford Bank’s assets. The FDIC estimates that the cost to its Deposit Insurance Fund from Bradford’s failure would be $97 million.
On the same day, the FDIC announced that the Minnesota Dept. of Commerce had closed Mainstreet Bank, Forest Lake, Minn. The FDIC reopened the bank’s 8 branches as part of Central Bank, Stillwater, Minn.