Failure Fridays: Two More Banks Bite The Dust

Friday, February 13, 2009 17:43
Posted in category Bank Failures, Economy, Federal Reserve, Great Depression
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fdicThe Federal Deposit Insurance Corp. (FDIC) announced  the failure of two more US banks (#10 and #11 for the year).

Nebraska -based Sherman County Bank was closed by regulators Friday, marking the 10th bank failure of the year. Sherman County Bank had roughly $129.8 million in assets as of Feb. 12, and $85.1 million in deposits. Heritage Bank has agreed to assume all of the failed bank’s deposits, and will purchase roughly $21.8 million worth of its assets. The FDIC says the cost of the failure to its deposit insurance fund will be $28 million.

Riverside Bank of the Gulf Coast, in Cape Coral, Florida also failed today. Riverside Bank had total assets of about $539 million and total deposits of $424 million. TIB Bank of Naples, Florida has agreed to assume all of Riverside’s deposits.

Related posts:

  1. FDIC Breaks February Record; 5 Banks Fail Over Weekend
  2. Bank Failures at 40 for the Year; FDIC Seizes 3 More
  3. These 10 Banks Will Repay TARP
  4. Bank No. 37 Closed; Bank of Lincolnwood Seized by Regulators
  5. Failure Fridays: Omni National Bank Shut Down

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