2 Banks Closed On Oct. 7

Closing in on 100 Failed Institutions in 2011
2 Banks Closed On Oct. 7
Two banks were closed on Friday, Oct. 7, by state and federal banking regulators. These failures bring the year's tally to 94 failed institutions.

The latest failures:

Sun Security Bank, Ellington, Mo.

Sun Security Bank, Ellington, Mo., was closed by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered a purchase and assumption agreement with Great Southern Bank, Springfield, Mo., to assume all of the deposits of Sun Security Bank.

As of June 30, Sun Security Bank had approximately $355.9 million in total assets and $290.4 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $118.3 million.

The RiverBank, Wyoming, Minn.

The RiverBank, Wyoming, Minn., was closed by the Minnesota Department of Commerce, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered a purchase and assumption agreement with Central Bank, Stillwater, Minn., to assume all of the deposits of The RiverBank.

As of June 30, The RiverBank had approximately $417.4 million in total assets and $379.3 million in total deposits.

The FDIC estimates that the cost to the DIF will be $71.4 million.


About the Author

Information Security Media Group

Information Security Media Group (ISMG) is the world's largest media company devoted to information security and risk management. Each of its 28 media sites provides relevant education, research and news that is specifically tailored to key vertical sectors including banking, healthcare and the public sector; geographies from the North America to Southeast Asia; and topics such as data breach prevention, cyber risk assessment and fraud. Its yearly global Summit series connects senior security professionals with industry thought leaders to find actionable solutions for pressing cybersecurity challenges.




Around the Network

Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing inforisktoday.asia, you agree to our use of cookies.