FIs closed: Statewide Bank, Covington, Louisiana, USA
On Friday,12 March, 2010, Statewide Bank, Covington, Louisiana was closed by 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 Home Bank, Lafayette, Louisiana, to assume all of the deposits of Statewide Bank.
The six branches of Statewide Bank will reopen today as branches of Home Bank.
As of December 31, 2009, Statewide Bank had approximately USD243.2 million in total assets and USD208.8 million in total deposits.
Home Bank did not pay the FDIC a premium to assume all of the deposits of Statewide Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD38.1 million.
Statewide Bank is the 30th FDIC-insured institution to fail in the USA this year, and the first in Louisiana.
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