Thermopolis, Wyoming-based Bank of Wyoming was closed by regulators Friday, marking the 53rd U.S. bank failure this year.
As of June 30, 2009, Bank of Wyoming had total assets of $70 million and total deposits of approximately $67 million. In addition to assuming all of the deposits of the failed bank, Central Bank and Trust agreed to purchase approximately $55 million of assets. The FDIC will retain any remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27 million. Central Bank & Trust’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives.
Central Bank & Trust will purchase all deposits, except $8 million in brokered deposits, held by Bank of Wyoming.