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Banks Fail In Missouri, Minnesota

WASHINGTON, Oct. 8 (UPI) — A bank in Missouri and another in Minnesota were closed by regulators Friday, raising the number of U.S. bank failures this year to 76.

The Wall Street Journal reported the Missouri Division of Finance closed Sun Security Bank of Ellington in the state’s first 2011 bank failure.

Under a purchase-and-assumption deal with the Federal Deposit Insurance Corp., Great Southern Bancorp Inc. of Springfield agreed to take over the bank and its 27 branches

The Journal said Sun Security Bank had about $355.9 million in total assets and $290.4 million in total deposits at the end of June. The FDIC estimates the bank’s failure will cost the fund $118.3 million.

The Minnesota Department of Commerce closed RiverBank in Wyoming, Minn., the second FDIC-insured bank failure in the state this year. The Journal said Central Bank of Stillwater agreed to take over the bank and its six branches.

At the end of June, RiverBank had about $417.4 million in total assets and $379.3 million in total deposits, and the FDIC estimates its failure will cost the fund $71.4 million.

 

UPI - United Press International, Inc.

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