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FDIC Friday Afternoon Special

posted on Aug 29, 2008 03:04PM

What would a Friday afternoon be without another bank takeover from the FDIC?

Integrity Bank closed, 10th failure this year

By John Letzing, MarketWatch

Last update: 6:02 p.m. EDT Aug. 29, 2008

SAN FRANCISCO (MarketWatch) -- Alpharetta, Georgia-based Integrity Bank has been closed by regulators and its assets have been transferred to Regions Financial Corp., Regions said in a prepared statement late Friday.

The Federal Deposit Insurance Corp. assumed some $900 million in total deposits from Integrity and has transferred them to Regions , Regions said, adding that, "the FDIC will retain most of Integrity Bank's loan portfolio for later disposition."

Integrity's closure is the 10th bank failure so far this year. The bank had $1.1 billion in total assets and $974 million in total deposits as of June 30, the FDIC said.

Regions has agreed to pay a premium of 1.012% for Integrity's deposits and will purchase roughly $34.4 million of its assets including cash and cash equivalents, the FDIC said.

Under terms of an agreement with the FDIC, Regions will serve 23,000 Integrity accounts and will operate the bank's five Atlanta branches when they reopen on Tuesday.

"Customers will be able to conduct their business as usual," Regions said.