2 Banks Closed on Nov. 18

109 Institutions Have Failed so Far In 2011
2 Banks Closed on Nov. 18
Two banks were closed on Nov. 18 by state and federal banking regulators. These failures bring the year's tally to 109 failed institutions.

The latest failures:

Central Progressive Bank, Lacombe, La.

Central Progressive Bank, Lacombe, La., was closed by the Louisiana Office of Financial Institutions, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First NBC Bank, New Orleans, to assume all of the deposits of Central Progressive Bank.

As of Sept. 30, Central Progressive Bank had approximately $383.1 million in total assets and $347.7 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $58.1 million.

Polk County Bank, Johnston, Iowa

Polk County Bank, Johnston, Iowa, was closed by the Iowa Division of Banking, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Grinnell State Bank, Grinnell, Iowa, to assume all of the deposits of Polk County Bank.

As of Sept. 30, Polk County Bank had approximately $91.6 million in total assets and $82.0 million in total deposits.

The FDIC estimates that the cost to the DIF will be $12 million.


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