Reply #4: This Week's Bank Closings Have a Carribean Theme!

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FIRST--THREE BANKS IN PUERTO RICO

Eurobank, San Juan, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Oriental Bank and Trust, San Juan, Puerto Rico, to assume all of the deposits of Eurobank.

The 22 branches of Eurobank will reopen during normal business hours as branches of Oriental Bank and Trust...As of December 31, 2009, Eurobank had approximately $2.56 billion in total assets and $1.97 billion in total deposits. Oriental Bank and Trust paid the FDIC a premium of 1.25 percent to assume all of the deposits of Eurobank. In addition to assuming all of the deposits, Oriental Bank and Trust agreed to purchase essentially all of the failed bank's assets.

The FDIC and Oriental Bank and Trust entered into a loss-share transaction on $1.58 billion of Eurobank's assets. Oriental Bank and Trust will share in the losses on the asset pools covered under the loss-share agreement...

As part of this transaction, the FDIC will acquire a value appreciation instrument. This instrument serves as additional consideration for the transaction.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $743.9 million. Oriental Bank and Trust's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Eurobank is the 58th FDIC-insured institution to fail in the nation this year. Eurobank is one of three institutions closed in Puerto Rico today.


R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Scotiabank de Puerto Rico, San Juan, Puerto Rico, to assume all of the deposits of R-G Premier Bank of Puerto Rico.

The 29 branches of R-G Premier Bank of Puerto Rico will reopen during normal business hours as branches of Scotiabank de Puerto Rico...As of December 31, 2009, R-G Premier Bank of Puerto Rico had approximately $5.92 billion in total assets and $4.25 billion in total deposits. Scotiabank de Puerto Rico paid the FDIC a premium of 1.35 percent to assume all of the deposits of R-G Premier Bank of Puerto Rico. In addition to assuming all of the deposits, Scotiabank de Puerto Rico agreed to purchase essentially all of the failed bank's assets.

The FDIC and Scotiabank de Puerto Rico entered into a loss-share transaction on $5.41 billion of R-G Premier Bank of Puerto Rico's assets. Scotiabank de Puerto Rico will share in the losses on the asset pools covered under the loss-share agreement...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.23 billion. Scotiabank de Puerto Rico's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. R-G Premier Bank of Puerto Rico is the 59th FDIC-insured institution to fail in the nation this year. R-G Premier Bank of Puerto Rico is one of three institutions closed in Puerto Rico today.


Westernbank Puerto Rico, Mayaguez, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, San Juan, Puerto Rico, to assume all of the deposits of Westernbank Puerto Rico.

The 46 branches of Westernbank Puerto Rico will reopen during normal business hours as branches of Banco Popular de Puerto Rico...As of December 31, 2009, Westernbank Puerto Rico had approximately $11.94 billion in total assets and $8.62 billion in total deposits. Banco Popular de Puerto Rico did not pay the FDIC a premium to assume all of the deposits of Westernbank Puerto Rico. In addition to assuming all of the deposits, Banco Popular de Puerto Rico agreed to purchase approximately $9.39 billion of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Banco Popular de Puerto Rico entered into a loss-share transaction on $8.77 billion of Westernbank Puerto Rico's assets. Banco Popular de Puerto Rico will share in the losses on the asset pools covered under the loss-share agreement...

As part of this transaction, the FDIC will acquire a value appreciation instrument. This instrument serves as additional consideration for the transaction.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.31 billion. Banco Popular de Puerto Rico's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Westernbank Puerto Rico is the 60th FDIC-insured institution to fail in the nation this year. Western Bank was one of three institutions closed in Puerto Rico today.

Madre De Dios! That's $5.284 BILLION in Puerto Rico Alone!

CF Bancorp, Port Huron, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Michigan Bank, Troy, Michigan, to assume all of the deposits of CF Bancorp.

The 22 branches of CF Bancorp will reopen during normal business hours beginning Saturday as branches of First Michigan Bank...

As of December 31, 2009, CF Bancorp had approximately $1.65 billion in total assets and $1.43 billion in total deposits. First Michigan Bank paid the FDIC a premium of 0.75 percent to assume all of the deposits of CF Bancorp. In addition to assuming all of the deposits, First Michigan Bank agreed to purchase approximately $870 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and First Michigan Bank entered into a loss-share transaction on $808.1 million of CF Bancorp's assets. First Michigan Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615.3 million. First Michigan Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. CF Bancorp is the 61st FDIC-insured institution to fail in the nation this year, and the second in Michigan. The last FDIC-insured institution closed in the state was Lakeside Community Bank, Sterling Heights, on April 16, 2010.


Champion Bank, Creve Coeur, 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 BankLiberty, Liberty, Missouri, to assume all of the deposits of Champion Bank.

The sole branch of Champion Bank will reopen on Saturday as a branch of BankLiberty...

As of December 31, 2009, Champion Bank had approximately $187.3 million in total assets and $153.8 million in total deposits. BankLiberty did not pay the FDIC a premium to assume all of the deposits of Champion Bank. In addition to assuming all of the deposits, BankLiberty agreed to purchase approximately $152.6 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and BankLiberty entered into a loss-share transaction on $113.5 million of Champion Bank's assets. BankLiberty will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $52.7 million. BankLiberty's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Champion Bank is the 62nd FDIC-insured institution to fail in the nation this year, and the second in Missouri. The last FDIC-insured institution closed in the state was Bank of Leeton, Leeton, on January 22, 2010.

WELL, ONE FROM TWAIN'S HOME STATE, AND ONE FROM MINE, TO ROUND OUT THE FIRST HOUR...

WHILE I KNOW ONLY WORDS OF FRENCH, DOESN'T CREVE COEUR MEAN 'BROKEN HEART'?