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RCB Bank, Claremore, Oklahoma, Assumes All of the Deposits of Home National Bank, Blackwell, Oklahoma
Enterprise Bank & Trust, Clayton, Missouri, Purchases a Portion of Failed Bank's Assets
Home National Bank, Blackwell, Oklahoma, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with RCB Bank, Claremore, Oklahoma, to assume all of the deposits of Home National Bank.
The 15 branches of Home National Bank will reopen on Saturday as branches of RCB Bank. Depositors of Home National Bank will automatically become depositors of RCB Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Home National Bank should continue to use their existing branch until they receive notice from RCB Bank that it has completed systems changes to allow other RCB Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Home National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2010, Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits. RCB Bank paid the FDIC a premium of 0.22 percent for the deposits of Home National Bank. In addition to assuming the deposits, RCB Bank agreed to purchase approximately $340.7 million of the failed bank's assets.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-8357. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/homenatlok.html.
In a separate transaction with the FDIC, Enterprise Bank & Trust, Clayton, Missouri agreed to purchase approximately $260.8 million of Home National Bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and Enterprise Bank & Trust entered into a loss-share transaction on $260.8 million of Home National Bank's assets purchased from the FDIC. Enterprise Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million. Compared to other alternatives, these transactions were the "least costly" resolution for the FDIC's DIF. Home National Bank is the 90th FDIC-insured institution to fail in the nation this year, and the first in Oklahoma. The last FDIC-insured institution closed in the state was First State Bank of Altus, Altus, on July 31, 2009.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,932 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-152-2010
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