Failure Friday: Nov. 6

Options Toolbox

Related Companies Alerus Financial Corp. (ALRS) Alerus Financial NA Ameris Bancorp (ABCB) Ameris Bank Central Bank of Kansas City Central Bcshs of KS City Inc. East West Bancorp Inc. (EWBC) East West Bank Gateway Bancshares Inc. Gateway Bk of St. Louis Home FSB Liberty Bank & Trust Co Liberty Fncl Services Inc. Prosperan Bancshares Inc. Prosperan Bank UCBH Holdings Inc. United Commercial Bank United Security Bank United Security Bkshrs Inc.

Related Articles 11/6/2009 Regulators shutter TARP recipient UCBH Holdings' unit; East West Bank assumes deposits 11/6/2009 Gateway Bank of St. Louis fails; Central Bank of Kansas City to assume deposits 11/6/2009 Oakdale, Minn.-based Prosperan Bank fails; Alerus Financial to assume deposits 11/6/2009 Detroit-based Home FSB fails; Liberty Bank & Trust to assume deposits 11/6/2009 Georgia-based United Security Bank fails; Ameris Bank to assume deposits

Related Issues in Focus Appetite for destruction

Related Deals Ameris Bancorp/United Security Bank Liberty Financial Services, Inc./Home Federal Savings Bank Alerus Financial Corporation/Prosperan Bank Central Bancshares of Kansas City, Inc./Gateway Bank of St. Louis East West Bancorp, Inc./United Commercial Bank

As the financial crisis rolls on, SNL presents a weekly news summary of the latest bank failures.

Regulators shuttered five banks Nov. 6, one each in Georgia, Michigan, Minnesota, Missouri and California, resulting in a hit to the FDIC's deposit insurance fund estimated at more than $1.5 billion and bringing the number of bank failures to 120 for the year.

* Sparta, Ga.-based United Security Bank, a unit of United Security Bancshares Inc., was closed Nov. 6. Moultrie, Ga.-based Ameris Bancorp unit Ameris Bank agreed to assume the deposits and assets of the seized bank, which had total assets of $157 million and total deposits of approximately $150 million as of Sept. 14. The FDIC's deposit insurance fund is expected to take an estimated $58 million hit from this failure.

* Detroit-based Home Federal Savings Bank was closed Nov. 6. New Orleans-based Liberty Financial Services Inc. unit Liberty Bank & Trust Co. will assume the deposits and assets of the failed bank, which had total assets of $14.9 million and total deposits of approximately $12.8 million as of Sept. 24. The FDIC estimated this closure's cost to its deposit insurance fund at $5.4 million.

* Oakdale, Minn.-based Prosperan Bank, a unit of Prosperan Bancshares Inc., was closed Nov. 6. Grand Forks, N.D.-based Alerus Financial Corp. unit Alerus Financial NA will assume the closed bank's deposits. Alerus Financial NA also agreed to buy about $173.9 million of the assets of the failed bank, which had total assets of $199.5 million and total deposits of roughly $175.6 million as of Aug. 31. The federal regulator estimated this failure's cost to its deposit insurance fund at $60.1 million.

* St. Louis-based Gateway Bank of St. Louis, a unit of Gateway Bancshares Inc., was closed Nov. 6. Kansas City, Mo.-based Central Bancshares of Kansas City Inc. unit Central Bank of Kansas City is set to assume the deposits and assets of the shuttered institution, which had total assets of $27.7 million and total deposits of approximately $27.9 million as of Sept. 25. This seizure is expected to cost the FDIC's deposit insurance fund an estimated $9.2 million, according to the federal regulator.

* San Francisco-based United Commercial Bank, a unit of UCBH Holdings Inc., was closed Nov. 6. Pasadena, Calif.-based East West Bancorp Inc. unit East West Bank will assume the failed bank's deposits. East West Bank also agreed to buy about $10.2 billion in assets of the closed bank, which had total assets of $11.2 billion and total deposits of roughly $7.5 billion as of Oct. 23. The FDIC estimated this closure's cost to its deposit insurance fund at $1.4 billion.