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.
As of June 30, Mainstreet had total assets of $459 million and total deposits of about $434 million. Under its agreement to take over Mainstreet, Central Bank will pay the FDIC a premium of 0.10%
The FDIC and Central Bank entered into a loss-share transaction on about $268 million of Mainstreet's assets.
Also on Friday, the California Department of Financial Institutions closed Affinity Bank, Ventura, Calif., and assigned its 10 branches and their deposits and assets to Pacific Western Bank, San Diego.
As of July 10, 2009, Affinity Bank, with 10 branches, had total assets of $1 billion and total deposits of about $922 million.
The FDIC and Pacific Western Bank entered into a loss-share transaction on around $934 million of Affinity Bank's assets.
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