- Home Federal Bank Assumes Deposits of Community First Bank
- August 18, 2009
- Law Firm: Alston & Bird LLP - Atlanta Office
Yesterday, the Oregon Division of Finance & Corporate Securities closed Community First Bank, Prineville, Oregon, and named the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Home Federal Bank, Nampa, Idaho, to assume all of Community First Bank's deposits (other than approximately $31 million of brokered deposits).
As of July 5, 2009, Community First Bank had total assets of $209 million and total deposits of approximately $182 million. Home Federal Bank also agreed to purchase approximately $197 million of the failed bank’s assets, with the FDIC retaining the remaining assets for later disposition. The FDIC and Home Federal Bank entered into a loss-share transaction on approximately $155 million of First Bank’s assets. The FDIC estimates that the cost to the Deposit Insurance Fund will be $45 million.
Community First Bank is the 72nd bank to fail in the nation this year and the third in Oregon.