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Stearns Bank Assumes Deposits of First East Side Savings Bank in Florida

 

Oct 22 - First East Side Savings Bank, Tamarac, Fla., has been closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank National Association, St. Cloud, Minn., to assume all of the deposits of First East Side Savings Bank.

As of June 30, 2012, First East Side Savings Bank had approximately $67.2 million in total assets and $65.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-823-4939.  Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/firsteastside.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $9.1 million. Compared to other alternatives, Stearns Bank's acquisition was the least costly resolution for the FDIC's DIF. First East Side Savings Bank is the 45th FDIC-insured institution to fail in the nation this year, and the seventh in Florida. The last FDIC-insured institution closed in the state was GulfSouth Private Bank, Destin, earlier the same day.



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