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The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of First Arizona Savings, A FSB, Scottsdale, Arizona. The bank was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of First Arizona Savings, A FSB. As a result, checks to depositors for their insured funds will be mailed on Monday, October 25. Customers who have questions about their deposits should contact the FDIC at the toll-free phone number below.

As of June 30, 2010, First Arizona Savings, A FSB had approximately $272.2 million in total assets and $198.8 million in total deposits. At the time of closing, the bank had an estimated $1.8 million in uninsured funds. This amount is an estimate that is likely to change once the FDIC obtains additional information from the bank’s customers.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-830-4698. Customers with accounts in excess of $250,000 also should contact the toll-free number to set up a telephone appointment to discuss their deposits. The phone number will be operational this evening until 9:00 p.m., Mountain Standard Time (MST); on Saturday from 9:00 a.m. to 6:00 p.m., MST; and on Sunday from noon to 6:00 p.m., MST; and thereafter from 8:00 a.m. to 8:00 p.m., MST. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/firstazfsb.html

Beginning on Monday, customers of First Arizona Savings, A FSB with deposits exceeding $250,000 at the bank may visit the FDIC’s Web page “Is My Account Fully Insured?” at https://www2.fdic.gov/drrip/afi/index.asp.

The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $32.8 million. First Arizona Savings, A FSB is the 139th FDIC-insured institution to fail this year, and the third in Arizona. The last institution closed in the state was Towne Bank of Arizona, Mesa, on May 7, 2010.

First Suburban National Bank, Maywood, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Seaway Bank and Trust Company, Chicago, Illinois, to assume all of the deposits of First Suburban National Bank.

The four branches of First Suburban National Bank will reopen on Saturday as branches of Seaway Bank and Trust Company. Depositors of First Suburban National Bank will automatically become depositors of Seaway Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to the applicable limits. Customers of First Suburban National Bank should continue to use their existing branch until they receive notice from Seaway Bank and Trust Company that it has completed systems changes to allow other Seaway Bank and Trust Company branches to process their accounts as well.

This evening and over the weekend, depositors of First Suburban National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, First Suburban National Bank had approximately $148.7 million in total assets and $140.0 million in total deposits. Seaway Bank and Trust Company did not pay the FDIC a premium for the deposits of First Suburban National Bank. In addition to assuming all of the deposits, Seaway Bank and Trust Company agreed to purchase essentially all of the failed bank’s assets.

The FDIC and Seaway Bank and Trust Company entered into a loss-share transaction on $116.6 million of First Suburban National Bank’s assets. Seaway Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-830-4731. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/firstsuburban.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.4 million. Compared to other alternatives, Seaway Bank and Trust Company’s acquisition was the least costly resolution for the FDIC’s DIF. First Suburban National Bank is the 137th FDIC-insured institution to fail in the nation this year, and the 16th in Illinois. The last FDIC-insured institution closed in the state was ShoreBank, Chicago, on August, 20, 2010.

Hillcrest Bank, Overland Park, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Hillcrest Bank, National Association, Overland Park, Kansas, a newly-chartered bank subsidiary of NBH Holdings Corp., Boston, Massachusetts, to assume all of the deposits of Hillcrest Bank.

The 41 branches of Hillcrest Bank will reopen during normal business hours beginning Saturday as branches of Hillcrest Bank, N.A. Depositors of Hillcrest Bank will automatically become depositors of Hillcrest Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to the applicable limits. Customers of Hillcrest Bank should continue to use their existing branch until they receive notice from Hillcrest Bank, N.A. that it has completed systems changes to allow other Hillcrest Bank, N.A. branches to process their accounts as well.

This evening and over the weekend, depositors of Hillcrest Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Hillcrest Bank had approximately $1.65 billion in total assets and $1.54 billion in total deposits. Hillcrest Bank, N.A. did not pay the FDIC a premium for the deposits of Hillcrest Bank. In addition to assuming all of the deposits of the failed bank, Hillcrest Bank, N.A. agreed to purchase essentially all of the assets.

The FDIC and Hillcrest Bank, N.A. entered into a loss-share transaction on $1.15 billion of Hillcrest Bank’s assets. Hillcrest Bank, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-591-2767. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/hillcrest_ks.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $329.7 million. Compared to other alternatives, Hillcrest Bank, N.A.’s acquisition was the least costly resolution for the FDIC’s DIF. Hillcrest Bank is the 138th FDIC-insured institution to fail in the nation this year, and the third in Kansas. The last FDIC-insured institution closed in the state was Security Savings Bank, F.S.B, on October 15, 2010.

The First National Bank of Barnesville, Barnesville, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits of The First National Bank of Barnesville.

The two branches of The First National Bank of Barnesville will reopen on Saturday as branches of United Bank. Depositors of The First National Bank of Barnesville will automatically become depositors of United Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to the applicable limits. Customers of The First National Bank of Barnesville should continue to use their existing branch until they receive notice from United Bank that it has completed systems changes to allow other United Bank branches to process their accounts as well.

This evening and over the weekend, depositors of The First National Bank of Barnesville can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, The First National Bank of Barnesville had approximately $131.4 million in total assets and $127.1 million in total deposits. United Bank did not pay the FDIC a premium for the deposits of The First National Bank of Barnesville. In addition to assuming all of the deposits, United Bank agreed to purchase essentially all of the failed bank’s assets.

The FDIC and United Bank entered into a loss-share transaction on $107.3 million of The First National Bank of Barnesville’s assets. United Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-830-4706. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/fnbbarnesville.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million. Compared to other alternatives, United Bank’s acquisition was the least costly resolution for the FDIC’s DIF. The First National Bank of Barnesville is the 136th FDIC-insured institution to fail in the nation this year, and the 16th in Georgia. The last FDIC-insured institution closed in the state was The Gordon Bank, Gordon, earlier today.

The Gordon Bank, Gordon, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Morris Bank, Dublin, Georgia, to assume all of the deposits of The Gordon Bank.

The sole branch of The Gordon Bank will reopen on Monday as a branch of Morris Bank. Depositors of The Gordon Bank will automatically become depositors of Morris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to the applicable limits. Customers of The Gordon Bank should continue to use their existing branch until they receive notice from Morris Bank that it has completed systems changes to allow other Morris Bank branches to process their accounts as well.

This evening and over the weekend, depositors of The Gordon Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, The Gordon Bank had approximately $29.4 million in total assets and $26.7 million in total deposits. Morris Bank paid the FDIC a premium of 0.05 percent for the deposits of The Gordon Bank. In addition, Morris Bank will purchase approximately $11.5 million of The Gordon Bank’s assets, consisting of cash and cash equivalents. The FDIC will retain the remaining assets for later disposition.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-830-4725. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/gordon.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.0 million. Compared to other alternatives, Morris Bank’s acquisition was the least costly resolution for the FDIC’s DIF. The Gordon Bank is the 135th FDIC-insured institution to fail in the nation this year, and the 15th in Georgia. The last FDIC-insured institution closed in the state was The Peoples Bank, Winder, on September 17, 2010

First Bank of Jacksonville, Jacksonville, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of First Bank of Jacksonville.

The sole branch of First Bank of Jacksonville will reopen on Monday as a branch of Ameris Bank. Depositors of First Bank of Jacksonville will automatically become depositors of Ameris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to the applicable limits. Customers of First Bank of Jacksonville should continue to use their existing branch until they receive notice from Ameris Bank that it has completed systems changes to allow other Ameris Bank branches to process their accounts as well.

This evening and over the weekend, depositors of First Bank of Jacksonville can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, First Bank of Jacksonville had approximately $81.0 million in total assets and $77.3 million in total deposits. Ameris Bank did not pay the FDIC a premium for the deposits of First Bank of Jacksonville. In addition to assuming all of the deposits, Ameris Bank agreed to purchase essentially all of the failed bank’s assets.

The FDIC and Ameris Bank entered into a loss-share transaction on $60.0 million of First Bank of Jacksonville’s assets. Ameris Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-866-954-9532. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/firstbankjacksonville.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.2 million. Compared to other alternatives, Ameris Bank’s acquisition was the least costly resolution for the FDIC’s DIF. First Bank of Jacksonville is the 133rd FDIC-insured institution to fail in the nation this year, and the 26th in Florida. The last FDIC-insured institution closed in the state was Wakulla Bank, Crawfordville, on October 1, 2010.

Progress Bank of Florida, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bay Cities Bank, Tampa, Florida, to assume all of the deposits of Progress Bank of Florida.

The two branches of Progress Bank of Florida will reopen on Monday as branches of Bay Cities Bank. Depositors of Progress Bank of Florida will automatically become depositors of Bay Cities Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to the applicable limits. Customers of Progress Bank of Florida should continue to use their existing branch until they receive notice from Bay Cities Bank that it has completed systems changes to allow other Bay Cities Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Progress Bank of Florida can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Progress Bank of Florida had approximately $110.7 million in total assets and $101.3 million in total deposits. Bay Cities Bank did not pay the FDIC a premium for the deposits of Progress Bank of Florida. In addition to assuming all of the deposits, Bay Cities Bank agreed to purchase essentially all of the failed bank’s assets.

The FDIC and Bay Cities Bank entered into a loss-share transaction on $82.6 million of Progress Bank of Florida’s assets. Bay Cities Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-830-4705. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/progress_fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.0 million. Compared to other alternatives, Bay Cities Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Progress Bank of Florida is the 134th FDIC-insured institution to fail in the nation this year, and the 27th in Florida. The last FDIC-insured institution closed in the state was First Bank of Jacksonville, Jacksonville, earlier today.

GBC International Bank, Los Angeles, California, Assumes All of the Deposits of Shoreline Bank, Shoreline, Washington

Shoreline Bank, Shoreline, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with GBC International Bank, Los Angeles, California, to assume all of the deposits of Shoreline Bank.

The three branches of Shoreline Bank will reopen during their normal business hours beginning Saturday as branches of GBC International Bank. Depositors of Shoreline Bank will automatically become depositors of GBC International Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Shoreline Bank should continue to use their existing branch until they receive notice from GBC International Bank that it has completed systems changes to allow other GBC International Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Shoreline Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Shoreline Bank had approximately $104.2 million in total assets and $100.2 million in total deposits. GBC International Bank will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Shoreline Bank. In addition to assuming all of the deposits of the failed bank, GBC International Bank agreed to purchase approximately $65.7 million of the failed bank’s assets. The FDIC will retain the balance of the assets for later disposition.

The FDIC and GBC International Bank entered into a loss-share transaction on $49.2 million of Shoreline Bank’s assets. GBC International Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-613-0378. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/shoreline.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.4 million. Compared to other alternatives, GBC International Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Shoreline Bank is the 129th FDIC-insured institution to fail in the nation this year, and the tenth in Washington. The last FDIC-insured institution closed in the state was North County Bank, Arlington, on September 24, 2010.

Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Wakulla Bank, Crawfordville, Florida

Wakulla Bank, Crawfordville, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Arkansas, to assume all of the deposits of Wakulla Bank.

The 12 branches of Wakulla Bank will reopen on Saturday as branches of Centennial Bank. Depositors of Wakulla Bank will automatically become depositors of Centennial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Wakulla Bank should continue to use their existing branch until they receive notice from Centennial Bank that it has completed systems changes to allow other Centennial Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Wakulla Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Wakulla Bank had approximately $424.1 million in total assets and $386.3 million in total deposits. Centennial Bank did not pay the FDIC a premium for the deposits of Wakulla Bank. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase essentially all of the assets.

The FDIC and Centennial Bank entered into a loss-share transaction on $212.7 million of Wakulla Bank’s assets. Centennial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-528-6357. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/wakulla.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $113.4 million. Compared to other alternatives, Centennial Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Wakulla Bank is the 128th FDIC-insured institution to fail in the nation this year, and the twenty-fifth in Florida. The last FDIC-insured institution closed in the state was Haven Trust Bank Florida, Ponte Vedra, on September 24, 2010.

Whidbey Island Bank, Coupeville, Washington, Assumes All of the Deposits of North County Bank, Arlington, Washington

North County Bank, Arlington, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Whidbey Island Bank, Coupeville, Washington, to assume all of the deposits of North County Bank.

The four branches of North County Bank will reopen on Monday as branches of Whidbey Island Bank. Depositors of North County Bank will automatically become depositors of Whidbey Island Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of North County Bank should continue to use their existing branch until they receive notice from Whidbey Island Bank that it has completed systems changes to allow other Whidbey Island Bank branches to process their accounts as well.

This evening and over the weekend, depositors of North County Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, North County Bank had approximately $288.8 million in total assets and $276.1 million in total deposits. Whidbey Island Bank will pay the FDIC a premium of 2.0 percent to assume all of the deposits of North County Bank. In addition to assuming all of the deposits of the failed bank, Whidbey Island Bank agreed to purchase essentially all of the assets.

The FDIC and Whidbey Island Bank entered into a loss-share transaction on $221.9 million of North County Bank’s assets. Whidbey Island Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-508-8289. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/northcounty.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $72.8 million. Compared to other alternatives, Whidbey Island Bank’s acquisition was the least costly resolution for the FDIC’s DIF. North County Bank is the 127th FDIC-insured institution to fail in the nation this year, and the ninth in Washington. The last FDIC-insured institution closed in the state was The Cowlitz Bank, Longview, on July 30, 2010.