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FDIC Reports Two More Bank Failures

October 5, 2010

Two more banks were closed Friday as the Federal Deposit Insurance Corporation (FDIC) took receivership of Shoreline Bank in Shoreline, Wash., and Wakulla Bank, Crawfordville, Fla.

This brings the total number of bank closings in 2010 to 129. Wakulla Bank is the 25th FDIC-insured bank in Florida to fail this year. The last FDIC-insured institution closed in the state was Haven Trust Bank Florida, Ponte Vedra, on September 24, 2010. Shoreline’s closing is the 10th FDIC-insured institution closed in Washington. The last FDIC-insured institution closed in the state was North County Bank on Sept. 24, 2010.

The 12 branches of Wakulla Bank reopened as branches of Centennial Bank. As of June 30, 2010, Wakulla Bank had approximately $424.1 million in total assets and $386.3 million in total deposits. Centennial Bank did not pay the FDIC a premium for the deposits of Wakulla Bank. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase essentially all of the assets.

The three branches of Shoreline Bank reopened as branches of GBC International Bank. As of June 30, 2010, Shoreline Bank had approximately $104.2 million in total assets and $100.2 million in total deposits. GBC International Bank will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Shoreline Bank. In addition to assuming all of the deposits of the failed bank, GBC International Bank agreed to purchase approximately $65.7 million of the failed bank's assets. The FDIC will retain the balance of the assets for later disposition

The FDIC and GBC International Bank entered into a loss-share transaction on $49.2 million of Shoreline Bank's assets. GBC International Bank will share in the losses on the asset pools covered under the loss-share agreement.



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