On Friday, the Ohio Division of Financial Institutions closed Bramble Savings Bank, headquartered in Milford, Ohio, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Foundation Bank, headquartered in Cincinnati, Ohio, to assume all of the deposits of Bramble Savings Bank.
As of June 30, 2010, Bramble Savings Bank had approximately $47.5 million in total assets and $41.6 million in total deposits. Foundation Bank did not pay the FDIC a premium for the deposits of Bramble Savings Bank, but did agree to purchase approximately essentially all of the failed bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $14.6 million. Bramble Savings Bank is the 124th FDIC-insured institution to fail in the nation this year, and the second in Ohio.