Two Banks Closed on Nov. 4106 Failures so Far In 2011
The latest failures:
SunFirst Bank, Saint George, Utah, was closed by the Utah Department 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 Cache Valley Bank, Logan, Utah, to assume most of the deposits of SunFirst Bank. The FDIC will retain approximately $15 million in deposits that may be subject to external litigation involving SunFirst Bank. The affected accounts were frozen prior to the failure of the bank. All other accounts were transferred to Cache Valley Bank.
As of Sept. 30, SunFirst Bank had approximately $198.1 million in total assets and $169.1 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $49.7 million.
As of Sept. 30, Mid City Bank had approximately $106.1 million in total assets and $105.5 million in total deposits.
The FDIC estimates that the cost to the DIF will be $12.7 million.