25 Failed Banks Attract Bids From Arkansas

by George Waldon  on Monday, May. 27, 2013 12:00 am  

The misses far outnumbered the hits among Arkansas lenders in the 2012 round of bidding on failed banks around the nation.

Of the 51 bank failures last year, at least 25 drew attention from Arkansas financial institutions, according to the Federal Deposit Insurance Corp.

But only three resulted in winning bids by Arkansas lenders.

Simmons First National Bank of Pine Bluff completed two FDIC-assisted transactions ($282.3 million-asset Truman Bank of St. Louis and $200.6 million-asset Excel Bank of Sedalia, Mo.), and Centennial Bank of Conway completed one ($225.5 million-asset Heritage Bank of Florida in Lutz).

Little Rock’s Bank of the Ozarks made 18 known bids on failed banks during the year.

All were unsuccessful.

The FDIC only reveals the names of unsuccessful bidders if there is more than one unsuccessful bidder.

Among the lender’s known 2012 bids, Bank of the Ozarks tried to enter five new states.

The $3.9 billion-asset lender made attempts to enter the Missouri and Illinois markets twice and once each in Tennessee, Michigan and Kansas.

Arvest Bank of Fayetteville joined Bank of the Ozarks and Simmons in making an unsuccessful bid for $110 million-asset Heartland Bank of Leawood, Kan.

It was the only 2012 bid for the $14.2 billion-asset lender revealed in FDIC documents.

Which states captured the most bidding attention from Arkansas lenders last year?

Six Georgia banks led the way, followed by five in Florida, three each in Tennessee and Missouri and two in Illinois. One bank each in Michigan, South Carolina, North Carolina, Kansas and Oklahoma drew bids from Arkansas lenders.

Here’s a roster of known unsuccessful bids during 2012 by Bank of the Ozarks, Centennial and Simmons:

BankDateTotal Assets
Bank of the Ozarks    
First State Bank, Stockbridge, Ga. Jan. 20 $536.9 million
BankEast, Knoxville, Tenn. Jan. 27 $272.6 million
Covenant Bank & Trust, Rock Spring, Ga. Mar. 23 $95.7 million
Fidelity Bank, Dearborn, Mich. Mar. 30 $818.2 million
Plantation Federal Bank, Pawleys Island, S.C. Apr. 27 $486.4 million
Waccamaw Bank, Whiteville, N.C. Jun. 8 $533.1 million
Putnam State Bank, Palatka, Fla. Jun. 15 $169.5 million
Heartland Bank, Leawood, Kan. Jul. 20 $110.0 million
Georgia Trust Bank, Buford, Ga. Jul. 20 $119.8 million
First Cherokee State Bank, Woodstock, Ga. Jul. 20 $222.7 million
Jasper Banking Co., Jasper, Ga. Jul. 27 $216.7 million
Truman Bank, St. Louis Sep. 14 $282.3 million
First United Bank, Crete, Ill. Sep. 28 $328.4 million
Excel Bank, Sedalia, Mo. Oct. 19 $200.6 million
GulfSouth Private Bank, Destin, Fla. Oct. 19 $159.1 million
Citizens First National Bank, Princeton, Ill. Nov. 2 $924.0 million
Heritage Bank of Florida, Lutz, Fla. Nov. 2 $225.5 million
Hometown Community Bank, Braselton, Ga. Nov. 16 $124.6 million
Simmons First National Bank    
Tennessee Commerce Bank, Franklin Jan. 27 $1.185 billion
First Capital Bank, Kingfisher, Okla. Jun. 8 $46.1 million
Farmers Bank, Lynchburg, Tenn. Jun. 15 $163.9 million
Glasgow Savings Bank, Glasgow, Mo. Jul. 13 $24.8 million
Heartland Bank, Leawood, Kan. Jul. 20 $110.0 million
Centennial Bank    
First Guaranty Bank & Trust, Jacksonville, Fla. Jan. 27 $377.9 million
Putnam State Bank, Palatka, Fla. Jun. 15 $169.5 million
Royal Palm Bank of Florida, Naples Jul. 20 $87 million
GulfSouth Private Bank, Destin, Fla. Oct. 19 $159.1 million



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