FIs Closed: Central Progressive Bank, Lacombe, Louisiana , USA
On Friday, 18 November, 2011, Central Progressive Bank, Lacombe, LA was closed by the Louisiana Office of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with First NBC Bank, New Orleans, Louisiana, to assume all of the deposits of Central Progressive Bank.
The 17 branches of Central Progressive Bank have re-opened during their normal business hours as branches of First NBC Bank.
As of 30 September, 2011, Central Progressive Bank had approximately USD383.1 million in total assets and USD347.7 million in total deposits.
In addition to assuming all of the deposits of the failed bank, First NBC Bank agreed to purchase approximately USD354.4 million of the failed bank's assets.
No premium was paid.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD58.1 million.
Central Progressive Bank is the 90th FDIC-insured institution to fail in the USA this year and the first in Louisiana.
Download PDF version of this page