Press Release

First State Bank, Mendota, Illinois, Assumes All of the Deposits of Farmers and Traders State Bank, Shabbona, Illinois 

FOR IMMEDIATE RELEASE
June 8, 2012
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Email: lwilliams-young@fdic.gov

Farmers and Traders State Bank, Shabbona, Illinois, was closed today by the Illinois Department of Financial and Professional 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 State Bank, Mendota, Illinois, to assume all of the deposits of Farmers and Traders State Bank.

The two branches of Farmers and Traders State Bank will reopen on Saturday as branches of First State Bank. Depositors of Farmers and Traders State Bank will automatically become depositors of First State Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Farmers and Traders State Bank should continue to use their existing branch until they receive notice from First State Bank that it has completed systems changes to allow other First State Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Farmers and Traders State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2012, Farmers and Traders State Bank had approximately $43.1 million in total assets and $42.3 million in total deposits. In addition to assuming all of the deposits, First State Bank agreed to purchase essentially all of the failed bank’s assets.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-640-2607. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; on Monday from 8 a.m. to 8 p.m., CDT; and thereafter from 9:00 a.m. to 5:00 p.m., CDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/ftsb.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million. Compared to other alternatives, First State Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Farmers and Traders State Bank is the 27th FDIC-insured institution to fail in the nation this year, and the second in Illinois. The last FDIC-insured institution closed in the state was Premier Bank, Wilmette, on March 23, 2012.

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Press Release

First Community Bank, Bluefield, Virginia, Assumes All of the Deposits of Waccamaw Bank, Whiteville, North Carolina 

FOR IMMEDIATE RELEASE
June 8, 2012
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Email: lwilliams-young@fdic.gov

Waccamaw Bank, Whiteville, North Carolina, was closed today by the North Carolina Office of the Commissioner of Banks, 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 Community Bank, Bluefield, Virginia, to assume all of the deposits of Waccamaw Bank.

The 16 branches of Waccamaw Bank will reopen on Monday as branches of First Community Bank. Depositors of Waccamaw Bank will automatically become depositors of First Community Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Waccamaw Bank should continue to use their existing branch until they receive notice from First Community Bank that it has completed systems changes to allow other First Community Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Waccamaw Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2012, Waccamaw Bank had approximately $533.1 million in total assets and $472.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Community Bank agreed to purchase approximately $515.3 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and First Community Bank entered into a loss-share transaction on $330.6 million of Waccamaw Bank’s assets. First Community Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-451-1093. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; on Monday from 8 a.m. to 8 p.m., EDT; and thereafter from 9:00 a.m. to 5:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/waccamaw.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.1 million. Compared to other alternatives, First Community Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Waccamaw Bank is the 28th FDIC-insured institution to fail in the nation this year, and the first in North Carolina. The last FDIC-insured institution closed in the state was Blue Ridge Savings Bank, Inc., Asheville, on October 14, 2011.

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Press Release

Bank of North Carolina, Thomasville, North Carolina, Assumes All of the Deposits of Carolina Federal Savings Bank, Charleston, South Carolina 

FOR IMMEDIATE RELEASE
June 8, 2012
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Email: lwilliams-young@fdic.gov

Carolina Federal Savings Bank, Charleston, South Carolina, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, North Carolina, to assume all of the deposits of Carolina Federal Savings Bank.

The two branches of Carolina Federal Savings Bank will reopen during normal business hours as branches of Bank of North Carolina. However, both of the failed bank’s branches will conduct business under the name BNC Bank. Depositors of Carolina Federal Savings Bank will automatically become depositors of Bank of North Carolina. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Carolina Federal Savings Bank should continue to use their existing branch until they receive notice from Bank of North Carolina that it has completed systems changes to allow other Bank of North Carolina branches to process their accounts as well.

This evening and over the weekend, depositors of Carolina Federal Savings Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2012, Carolina Federal Savings Bank had approximately $54.4 million in total assets and $53.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Bank of North Carolina agreed to purchase approximately $41.0 million of the assets. The FDIC will retain the remaining assets for later disposition.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-760-3639. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; on Monday from 8 a.m. to 8 p.m., EDT; and thereafter from 9:00 a.m. to 5:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/carolina.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $15.2 million. Compared to other alternatives, Bank of North Carolina’s acquisition was the least costly resolution for the FDIC’s DIF. Carolina Federal Savings Bank is the 26th FDIC-insured institution to fail in the nation this year, and the second in South Carolina. The last FDIC-insured institution closed in the state was Plantation Federal Bank, Pawleys Island, on April 27, 2012.

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F & M Bank, Edmond, Oklahoma, Assumes All of the Deposits of First Capital Bank, Kingfisher, Oklahoma 

FOR IMMEDIATE RELEASE
June 8, 2012
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Email: lwilliams-young@fdic.gov

First Capital Bank, Kingfisher, Oklahoma, was closed today by the Oklahoma State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with F & M Bank, Edmond, Oklahoma, to assume all of the deposits of First Capital Bank.

The sole branch of First Capital Bank will reopen on Saturday as a branch of F & M Bank. Depositors of First Capital Bank will automatically become depositors of F & M Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First Capital Bank should continue to use their existing branch until they receive notice from F & M Bank that it has completed systems changes to allow other F & M Bank branches to process their accounts as well.

This evening and over the weekend, depositors of First Capital Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2012, First Capital Bank had approximately $46.1 million in total assets and $44.8 million in total deposits. F & M Bank will pay the FDIC a premium of 7.65 percent to assume all of the deposits of First Capital Bank. In addition to assuming all of the deposits of the failed bank, F & M Bank agreed to purchase approximately $40.7 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-591-2845. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; on Monday from 8 a.m. to 8 p.m., CDT; and thereafter from 9:00 a.m. to 5:00 p.m., CDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/firstcapital.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.6 million. Compared to other alternatives, F & M Bank’s acquisition was the least costly resolution for the FDIC’s DIF. First Capital Bank is the 25th FDIC-insured institution to fail in the nation this year, and the first in Oklahoma. The last FDIC-insured institution closed in the state was First National Bank of Davis, Davis, on March 11, 2011.

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