Woodlands Bank, headquartered in Bluffton, South Carolina was closed on July 16, 2010 by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver.
Woodlands Bank had branches in Mobile, Alabama; Savannah, Georgia; Bluffton, South Carolina; Beaufort, South Carolina; Wilmington, North Carolina; and Southport, North Carlina with a loan office located in Pensacola, Florida. As of March 31, 2010, Woodlands Bank had approximately $376.2 million in total assets and $355.3 million in total deposits.
Bank of the Ozarks of Little Rock, Arizona will assume all of the deposits of Woodlands Bank under a purchase and assumption agreement with the FDIC. The eight branches will reopen on Monday as branches of Bank of the Ozarks. Depositors of Woodlands Bank will automatically become depositors of Bank of the Ozarks and will continue to be insured by the FDIC.
Bank of the Ozarks will purchase essentially all of the assets of Woodlands Bank, with $288.7 million of the assets will be covered by a loss share agreement with the FDIC.
The estimated cost to the Deposit Insurance Fund is $115 million. this represents the 91st banking failure for the year.
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