The Federal Deposit Insurance Corporation (FDIC) took over 5 banks on Friday, November 6, 2009. These closings bring the total for the year to 120. The banks closed are located in California, Georgia, Michigan, Minnesota, and Missouri. The banks include United Commercial Bank, San Francisco, California, Gateway Bank of St. Louis, St. Louis, Missouri, Prosperan Bank, Oakdale, Minnesota, Home Federal Savings Bank, Detroit, Michigan, and United Security Bank, Sparta, Georgia.
Details for each bank are included below for affected customers:United Commercial Bank, San Francisco, California
United Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of United Commercial Bank. This agreement included all U.S. branches of United Commercial Bank, the Hong Kong branch of United Commercial Bank, and the subsidiary of United Commercial Bank headquartered in Shanghai, China, United Commercial Bank (UCB-China).
The 63 U.S. branches of United Commercial Bank will reopen during their normal business hours beginning tomorrow as branches of East West Bank. All locations in Hong Kong and China will reopen on Monday, according to normal business hours. In addition, UCB-China, the Shanghai, China, subsidiary of United Commercial Bank, which was also part of today’s transaction, will continue its regular banking operations without interruption with the full support of its parent company, East West Bank, whose qualification has already passed the preliminary review by the China Banking Regulatory Commission.
Gateway Bank of St. Louis, St. Louis, Missouri
Gateway Bank of St. Louis, St. Louis, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank of Kansas City, to assume all of the deposits of Gateway Bank of St. Louis.
The sole branch of Gateway Bank of St. Louis will reopen on Saturday as a branch of Central Bank of Kansas City. Depositors of Gateway Bank of St. Louis will automatically become depositors of Central Bank of Kansas City. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until Central Bank of Kansas City can fully integrate the deposit records of Gateway Bank of St. Louis.
Prosperan Bank, Oakdale, Minnesota
Prosperan Bank, Oakdale, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, North Dakota, to assume all of the deposits of Prosperan Bank.
The three branches of Prosperan Bank will reopen during their normal business hours as branches of Alerus Financial, N.A. Depositors of Prosperan Bank will automatically become depositors of Alerus Financial, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Alerus Financial, N.A. can fully integrate the deposit records of Prosperan Bank.
Home Federal Savings Bank, Detroit, Michigan
Home Federal Savings Bank, Detroit, Michigan, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Liberty Bank and Trust Company, New Orleans, Louisiana, to assume all of the deposits of Home Federal Savings Bank.
The two branches of Home Federal Savings Bank will reopen during their normal business hours as branches of Liberty Bank and Trust Company. Depositors of Home Federal Savings Bank will automatically become depositors of Liberty Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Liberty Bank and Trust Company can fully integrate the deposit records of Home Federal Savings Bank.
United Security Bank, Sparta, Georgia
United Security Bank, Sparta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of United Security Bank.
The two branches of United Security Bank will reopen during their normal business hours as branches of Ameris Bank. This includes the branch in Woodstock, Georgia, that operated as the Bank of Woodstock also is part of today's transaction. It, too, will re-open as a branch of Ameris Bank. Depositors of United Security Bank will automatically become depositors of Ameris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until Ameris Bank can fully integrate the deposit records of United Security Bank.
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