FIs closed: LibertyBank, Eugene, Oregon, USA
On Friday, 30 July, 2010, LibertyBank, Eugene, Oregon was closed by the Oregon Division of Finance & Corporate Securities and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Home Federal Bank, Nampa, Idaho, to assume all of the deposits of LibertyBank.
The 15 branches of LibertyBank will reopened Monday as branches of Home Federal Bank. Depositors of LibertyBank will automatically become depositors of Home Federal Bank.
As of 31 March, 2010, LibertyBank had approximately USD768.2 million in total assets andUSD$718.5 million in total deposits.
Home Federal Bank paid the FDIC a premium of 1.0 percent for the deposits of LibertyBank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD115.3 million.
LibertyBank is the 108th FDIC-insured institution to fail in the nation this year, and the third in Oregon.
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