- RCB Bank Assumes all of the Deposits of Home National Bank
- July 26, 2010
- Law Firm: Alston Bird LLP - Atlanta Office
On Friday, the Office of the Comptroller of the Currency closed Home National Bank, headquartered in Blackwell, Oklahoma, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with RCB Bank, headquartered in Claremore, Oklahoma, to assume all of the deposits of Home National Bank.
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% to assume all of the deposits of Home National Bank and agreed to purchase $340.7 million of the failed bank’s assets.
In a separate arrangement with the FDIC, Enterprise Bank & Trust, headquartered in Clayton, Missouri, agreed to purchase $260.8 million of Home Bank’s assets and entered into a loss-share transaction with the FDIC on the purchased assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $78.7 million. Home National Bank is the 90th FDIC-insured institution to fail in the nation this year and the first in Oklahoma since First State Bank of Altus failed in July 2009.