Five more bank failures have taken total bank
closures this year in the US to 108.
The biggest of the five banks to be shuttered
on 30 July was Oregon-based LibertyBank, with total assets of $768
million and 15 branches.
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The Federal Deposit Insurance Corporation
(FDIC) found buyers for the five banks, with Idaho-headquartered
Home Federal Bank snapping up LibertyBank.
Home Federal paid the FDIC a premium of 1% for
the deposits of LibertyBank. In addition to assuming the deposits,
Home Federal agreed to purchase approximately $419.7 million of the
failed bank’s assets.
The FDIC estimate the cost to the deposit
insurance fund of the Liberty failure will be $115.3 million.
For the 12 month period to March 2011, the
FDIC has set aside $40bn to cover the cost of bank failures.
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By GlobalData
