On Friday, the Office of the Comptroller of the Currency closed American National Bank, headquartered in Parma, Ohio, and the FDIC was named receiver. As receiver, the FDICentered into a purchase and assumption agreement with The National Bank and Trust Company, headquartered in Wilmington, Ohio, to assume all of the deposits of American National Bank.
As of December 31, 2009, American National Bank had approximately $70.3 million in total assets and $66.8 million in total deposits. The National Bank and Trust Company did not pay the FDIC a premium for the deposits of American National Bank, but did agree to purchase essentially all of the failed bank's assets. The FDIC and The National Bank and Trust Company entered into a loss-share transaction on $49.8 million of American National Bank's assets
The FDIC estimates that the cost to the Deposit Insurance Fund will be $17.1 million. American National Bank is the 31st FDIC-insured institution to fail in the nation this year, and the first in Ohio since AmTrust Bank, Cleveland failed on December 4, 2009.