Yesterday, the FDIC announced that it had entered into a purchase and assumption agreement to assume the assets and deposits of the recently created Independent Bankers’ Bank Bridge Bank (IBBBB). IBBBB was created by the FDIC on December 18, 2009, to take over the operations of The Independent Bankers’ Bank, headquartered in Springfield, Illinois.
The Independent BankersBank (TIB), headquartered in Irving, Texas, will assume the deposits and purchase some of the assets of IBBBB. In a separate transaction, Empire Advisory Group, Inc., a financial services firm headquartered in Springfield, Illinois, will purchase the corporate trust department of the failed bank.
As of December 31, 2009, IBBBB had approximately $269.3 million in total assets and $285.3 million in total deposits. TIB will purchase approximately $111.8 million of IBBBB's assets and pay a premium of 0.32 percent to assume all of the deposits. Empire Advisory Group, Inc. will pay $119,000 for IBBBB's corporate trust department relating to client banks. The FDIC will dispose of the remaining assets at a later date.