US Bank, the country’s fifth-largest bank by
assets, has acquired New Mexico-based failed lender, First
Community Bank, from the Federal Deposit Insurance Corporation
(FDIC).
The 38-branch-strong First Community Bank – 35
branches in New Mexico and three units in Arizona – had
approximately $2.31 billion in total assets and $1.94 billion in
total deposits as of 30 September.
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Its failure in late January represented the
11th US bank collapse in 2011.
There were 157 bank failures in the US in 2010,
up from 140 in 2009.
According to the FDIC, the cost to the insurance
fund of the First Community failure will be around $260m.
US Bank said in a statement that it had purchased
First Community Bank for an asset discount of approximately
$380m.
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By GlobalDataMinnesota-based US Bank has been on an
unprecedented acquisitive streak of late. In the past two years US
Bank has concluded a string of FDIC-assisted and other
opportunistic deals, acquiring150 branches and $119bn in deposits
in the process, prior to snapping up First Community.
