Four more banks taken down by FDIC

Written by Dave Gallagher | The Bellingham Herald | December 18, 2009

A flurry of activity this afternoon, with some new wrinkles as the FDIC creates a couple of “bridge” banks. Details below:

No. 135: Peoples First Community Bank of Panama City, Fla. is closed, taken over by Hancock Bank of Gulfport, Miss. Estimated cost to the FDIC: $556.7 million. Peoples First had 29 branches (It is not related to Peoples Bank in Lynden).

No. 136: Citizens State Bank of New Baltimore, Maryland, was closed and will be run by the FDIC for 45 days to allow depositors to get their money back and conclude transactions. Estimated cost to the FDIC: $76.6 million.

No. 137: New South Federal Savings Bank, Irondale, Ala. was closed, then taken over by Beal Bank of Plano, Texas. Estimated cost to the FDIC: $212.3 million. New South had one branch.

No. 138: Independent Bankers Bank of Springfield, Ill. was closed, but will continue to be operated by the government as Independent Bankers Bridge Bank. It is not a consumer bank, it works with other banks. Estimated cost to the FDIC: $68.4 million.