Five More Banks Fail Bringing Year’s Total to 89

The Federal Deposit Insurance Corporation announced five new bank failures on Friday.  Assets of nearly $1.2 billion and deposits of $982 million from the five banks were turned over to new lenders at a total cost of $401.3 million to the FDIC’s DIF, according to agency statements.

Bank Failure #85

The FDIC  was named receiver for First Bank of Kansas City, Kansas City, Missouri, after being closed Friday by the Missouri Division of Finance. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great American Bank, De Soto, Kansas, to assume all of the deposits of First Bank of Kansas City.

As of June 30, 2009, First Bank of Kansas City had total assets of $16 million and total deposits of approx. $15 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $6 million.

First Bank is the 85th bank to fail in the nation this year, and the second in Missouri. The last FDIC-insured institution closed in the state was American Sterling Bank, Sugar Creek, on April 17, 2009.

Bank Failure #86

The FDIC was named receiver for InBank of Oak Forest, Illinois, after being closed Friday by the Illinois Dept of Financial and Professional Regulation, Division of Banking. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of InBank, except certain brokered deposits.

As of August 3, 2009, InBank had total assets of $212 million and total deposits of approx. $199 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $66 million.

InBank is the 86th bank to fail in the nation this year, and the 14th in Illinois. The last FDIC-insured institution closed in the state was Mutual Bank, Harvey, on July 31, 2009.

Bank Failure #87

The FDIC was named receiver for Vantus Bank of Sioux City, Iowa, after being closed Friday by the Office of Thrift Supervision. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Vantus Bank.

As of August 28, 2009, Vantus Bank had total assets of $458 million and total deposits of approx. $368 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $168 million.

Vantus Bank is the 87th bank to fail in the nation this year, and the first in Iowa. The last FDIC-insured institution closed in the state was Hartford-Carlisle Savings Bank, Carlisle, on January 14, 2000.

Bank Failure #88

The FDIC was named receiver of Platinum Community Bank of Rolling Meadows, Illinois, after being closed Friday by the Office of Thrift Supervision. To protect the depositors, the FDIC entered into an agreement with MB Financial Bank, National Association, to accept the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments.

As of August 29, 2009, Platinum Bank had total assets of $345.6 million and total deposits of $305 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $114.3 million.

Platinum Community Bank is the 88th FDIC-insured institution to fail this year and the 15th in Illinois. The last bank to be closed in the state was Inbank, Oak Forest, earlier today.

Bank Failure #89

The FDIC was named receiver for First State Bank of Flagstaff, Arizona, after being closed Fridayby the Arizona Department of Financial Institutions. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of First State Bank.

As of July 24, 2009, First State Bank had total assets of $105 million and total deposits of approx. $95 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $47 million.

First State Bank is the 89th bank to fail in the nation this year, and the third in Arizona. The last FDIC-insured institution closed in the state was Union Bank, National Association, Gilbert, on August 14, 2009.

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