As per the loss sharing agreement between Barrington Bank and FDIC, losses on certain loans and foreclosed real estate related to Charter National will be shared between both organisations.
As on 31 December 2011, Charter National has nearly $94m in total assets and $89m in total deposits Wintrust said.
Charter National branches will operate their businesses as Hoffman Estates Community Bank, a branch of Barrington Bank & Trust Company, and depositors can perform their transitions as usual, claims Wintrust.
The FDIC has received 125,000 units at the rate of $31 per unit with a Value Appreciation Instrument (VAI) from Charter National which can be availed at any time for 180 days after 10 February 2012.
