Oklahoma-based RCB Bank has assumed all of the deposits of Home National Bank that has been closed by Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
According to the FDIC, the 15 branches of Home National Bank will reopen as branches of RCB Bank. Depositors of Home National Bank will automatically become depositors of RCB Bank and the deposits will continue to be insured by the FDIC.
Customers of Home National Bank can continue to use their existing branches until RCB Bank complete systems changes to allow other RCB Bank branches to process their accounts as well.
As of March 31, 2010, Home National Bank had approximately $644.5m in total assets and $560.7m in total deposits. RCB Bank paid the FDIC a premium of 0.22% for the deposits of Home National Bank. In addition to assuming the deposits, RCB Bank agreed to purchase approximately $340.7m of the failed bank’s assets.
In a separate transaction with the FDIC, Enterprise Bank & Trust, Missouri, agreed to purchase approximately $260.8m of Home National Bank’s assets. The FDIC will retain the remaining assets for later disposition.