5 more bank failures including United Commercial, a San Francisco bank which will cost the FDIC $1.4 billion.
United Commercial Bank had total assets of $11.2 billion and total deposits of approximately $7.5 billion. The FDIC and East West Bank entered into a loss-share transaction on approximately $7.7 billion of United Commercial Bank’s assets. The failure is expected to cost the FDIC deposit insurance fund an estimated $1.4 billion.
The others are, with their FDIC costs:
- United Security Bank of Sparta, Georgia - $58 million
- Home Federal Savings Bank of Detroit - $5.4 million
- Minnesota-based Prosperan Bank of Oakdale - $60.1 million
- Missouri-based Gateway Bank of St. Louis - $9.2 million