Bank Failure
First Banking Center
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Closed November 19, 2010 · Burlington, WI · FDIC Cert #5287.
- Closing date
- November 19, 2010
- Headquarters
- Burlington, WI
- FDIC Certificate
- 5287
- Total assets at closing
- $750.7M
- Total deposits at closing
- $664.8M
- Estimated loss to the insurance fund
- $86.1M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Michigan Bank
Context
On November 19, 2010, regulators closed First Banking Center, headquartered in Burlington, WI. At closing, the institution held approximately $750.7M in assets and $664.8M in deposits. The FDIC record names First Michigan Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $86.1M.
By assets at closing this is the 276th largest of the 3,526 bank failures in the FDIC record, and the 27th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First Banking Center fail?
First Banking Center was closed by regulators on November 19, 2010.
Who acquired First Banking Center?
The FDIC record names First Michigan Bank as the acquiring institution in the resolution of First Banking Center.
How big was First Banking Center when it failed?
First Banking Center had approximately $750.7M in total assets and $664.8M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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