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FOX BUSINESS: The FDIC's report said the closed banks included the First Bank of Kansas City in Missouri, the First State Bank of Flagstaff, Arizona, Vantus Bank in Sioux City, Iowa, InBank in Oak Forest, Illinois and Platinum Community Bank of Rolling Meadows, Illinois. Of the five banks that were closed, Vantus Bank was the largest, with $458 million in total assets and $368 million in deposits. . . . READ MORE
BLOOMBERG: Lenders in Illinois, Iowa, Missouri and Arizona collapsed, pushing the number of bank failures to 89 this year amid continuing fallout from the worst economic slump since the Great Depression . . . Regulators have closed banks at the fastest pace in 17 years and more are likely as losses mount from soured real-estate debt. A total of 416 banks with combined assets of $299.8 billion failed the FDIC’s grading system for asset quality, liquidity and earnings in the second quarter, the most since June 1994, the regulator said in a report last month . . . READ MORE
FDIC WILL PAY OFF ACCOUNTS
FOR ILLINOIS PLATINUM BANK
DAILY HERALD: Customers of Rolling Meadows' Platinum Community Bank were caught off guard by the bank's sudden closure - even though FDIC officials were on hand Saturday to reassure them that their money was safe . . . The Federal Deposit Insurance Corporation, or FDIC, will be paying out the bank's insured accounts - those of $250,000 or less per individual account. The bank's total deposits amount to $305 million. The FDIC will mail customers checks for their insured funds on Tuesday, Sept. 8, according to a news release . . . READ MORE
PLATINUM BANK LINKEDFIRST BANK OF KANSAS CITY NOW
TO BANKRUPT TAYLOR BEAN
CONSUMER AFFAIRS: Regulators seized the Platinum Community Bank of Rolling Meadows, Ill. Friday, closing another chapter in the Taylor, Bean & Whitaker story . . . Platinum Community Bank was acquired by Taylor Bean kingpin Lee Farkas in 2008. Taylor Bean filed for bankruptcy protection last month, a few weeks after it closed its lending operations under pressure from federal regulators . . . READ MORE
TAKEN OVER BY GREAT AMERICAN
BIZJOURNALS.COM: The Missouri Division of Finance closed First Bank of Kansas City on Friday and appointed the Federal Deposit Insurance Corp. as the bank's receiver. The FDIC said in a release that it had entered into an agreement with Great American Bank of De Soto, Kan., for it to assume all deposits and buy all assets of First Bank of Kansas City . . . READ MORE
GREAT SOUTHERN BANK NOW
TAKES OVER IOWA'S VANTUS
REUTERS/P.R. NEWSWIRE: Great Southern Bank, a subsidiary of Great Southern Bancorp, Inc. announced that it has entered into a purchase and assumption agreement with loss share with the Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits and certain assets of Vantus Bank, a full-service bank headquartered in Sioux City, Iowa. . . . READ MORE
INBANK OF OAK FOREST SOLD
TO CHICAGO'S MB FINANCIAL
SOUTHTOWN STAR: Oak Forest-based InBank, which has three branch offices, was acquired Friday by MB Financial in a deal worked out with the Federal Deposit Insurance Corp. InBank's offices in Oak Forest and Tinley Park opened today as branches of MB Financial. The bank's Chicago office will open Tuesday under the new name, MB Financial said in a release issued last night . . . READ MORE
FIRST STATE BANK OF FLAGSTAFF
SOLD TO CALIFORNIA'S SUNWEST
BIZJOURNALS.COM: The Federal Deposit Insurance Corp. has been appointed receiver of First State Bank of Flagstaff and is selling it to Sunwest Bank of California . . . READ MORE
COMMENTARY/MOTLEY FOOL
FDIC's 'HILARIOUS' GUARANTEE
DAVID KREITZMAN: The slightly hilarious part is that in the event of a true banking meltdown, the FDIC wouldn't have near the amount of necessary funds to ensure depositors got their money back. According to the FDIC’s own website, they manage an "insurance fund" of more than "$52.8 billion," yet the agency "insures more than $4.3 trillion of deposits in 8,494 U.S. banks and thrifts." Let's see . . . $52.8 billion of funds to cover $4.3 trillion of deposits. Yes, the FDIC carries enough cash to cover a whopping 1.23% of the total deposits that it claims to insure . . . READ MORE
