FIs closed: Charter Oak Bank, Napa, California, USA
On Friday, 18 February, 2011, Charter Oak Bank, Napa, California, USA was closed by the California Department 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 Bank of Marin, Novato, California, to assume all of the deposits of Charter Oak Bank.
The two branches of Charter Oak Bank will reopen on Tuesday as branches of Bank of Marin.
As of 31 December, 2010, Charter Oak Bank had approximately USD120.8 million in total assets and USD105.3 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD21.8 million.
Charter Oak Bank is the twenty-first FDIC-insured institution to fail in the nation this year, and the second in California.
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