Today the FDIC was named as receiver of four failed institutions: First Piedmont Bank; BankFirst; Vineyard Bank, N.A.; and Temecula Valley Bank. Today’s failures bring the total number of bank failure’s in the nation this year to 57.

The Georgia Department of Banking and Finance closed First Piedmont Bank, headquartered in Winder, Georgia. The FDIC entered into a purchase and assumption agreement with First America Bank and Trust Company, headquartered in Athens, Georgia, to assume all of the deposits of First Piedmont Bank for a 1.01 percent premium. As of July 6, 2009, First Piedmont Bank had total assets of $115 million and total deposits of approximately $109 million. Fist American Bank and Trust Company also agreed to purchase approximately $111 million of assets, with the FDIC retaining the remaining assets for later disposition. The FDIC and First American Bank and Trust Company entered into a loss-share transaction on approximately $90 million of First Piedmont Bank’s assets. The FDIC estimates the cost to the Deposit Insurance Fund (“DIF”) will be $29 million. First Piedmont Bank is the tenth bank to fail in Georgia this year.

The South Dakota Division of Banking closed BankFirst, headquartered in Sioux Falls, South Dakota. As receiver, theFDIC entered into a purchase and assumption agreement with Alerus Financial, N.A., headquartered in Grand Forks, North Dakota, to assume the deposits of BankFirst. As of April 30, 2009, BankFirst had total assets of $275 million and total deposits of approximately $254 million. Alerus Financial, N.A., also acquired $72 million in assets. The FDIC entered into a separate agreement with Beal Bank Nevada, Las Vegas, Nevada to acquire $177 million of BankFirst’s loans. The FDIC will retain the remaining assets for later disposition. The FDIC estimates the cost to the DIF will be $91 million. BankFirst is the first bank to fail in South Dakota since First Federal Savings Bank of South Dakota in 1992.

Vineyard Bank, N.A., headquartered in Rancho Cucamonga,California, was closed by the OCC. As receiver, the FDIC entered into a purchase and assumption agreement with California Bank & Trust, headquartered in San Diego, California, to assume the deposits of Vineyard Bank. As of March 31, 2009, Vineyard Bank, N.A., had total assets of $1.9 billion and total deposits of approximately $1.6 billion. California Bank & Trust also agreed to purchase approximately $1.8 billion of the failed bank’s assets with the FDIC retaining the remaining assets for later disposition. California Bank & Trust will not purchase the $134 million in brokered deposits. The FDIC will pay the brokers directly for their funds. The FDIC and California Bank & Trust entered into a loss share transaction on approximately $1.5 billion of Vineyard Bank’s assets. The FDIC estimates the cost to the DIF will be approximately $579 million. Vineyard Bank, N.A. is the seventh California bank to fail in the nation this year.

The California Department of Financial Institutions closed Temecula Valley Bank, headquartered in Temecula, California. As receiver, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank and Trust Company, headquartered in Raleigh, North Carolina, to assume all the deposits of Temecula Valley Bank. As of May 31, 2009, Temecula Valley Bank had total assets of $1.5 billion and total deposits of approximately $1.3 billion. First-Citizens also agreed to purchase essentially all of the assets of the failed bank, but will not accept the approximately $304 million in brokered deposits. The FDIC will pay the brokers directly for the amount of their funds. The FDIC and First Citizens Bank and Trust Company entered into a loss-share transaction on approximately $1.3 billion of Temecula Valley Bank’s assets. The FDIC estimates the cost to the DIF will be $391 million. Temecula Valley Bank is the eighth California bank to fail in the nation this year.