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TheStreet Open House

Regulators Shut Down Five Banks

Stock quotes in this article: MBFI, FFSX, GSBC, SWBC

WASHINGTON ( TheStreet) -- Regulators shut down three banks and two thrifts Friday, bringing the 2009 tally of failed U.S. banking institutions to 89.

In one of the closings, the Federal Deposit Insurance Corp. did not find an acquirer for the failed institution's deposits.

The Missouri Division of Finance took over First Bank of Kansas City and appointed the FDIC receiver. The FDIC sold all of the institution's deposits and branches to Great American Bank of De Soto, Kan.

Illinois regulators shut down InBank of Oak Forest, Ill. The FDIC was receiver and sold the failed bank's retail deposits and branches to MB Financial Bank of Chicago, a subsidiary of MB Financial (MBFI).

The Office of Thrift Supervision seized Vantus Bank of Sioux City, Iowa, a subsidiary of First Federal Bancshares (FFSX). The FDIC was appointed receiver and sold all of Vantus Bank's deposits and branches to Great Southern Bank of Springfield, Mo., which is held by Great Southern Bancorp (GSBC).

The OTS also shuttered Platinum Community Bank of Rolling Meadows, Ill. The FDIC was set to liquidate the thrift and mail checks out to depositors Tuesday. Platinum Community was a subsidiary of privately held Taylor, Bean & Whitaker Mortgage, which filed for bankruptcy protection on Aug. 5 after most of its mortgage business was suspended by the Department of Housing and Urban Development in the wake of a federal investigation connected with the failure of Colonial Bank.

Meanwhile, Arizona regulators closed First State Bank of Flagstaff, Ariz. As receiver, the FDIC sold the failed bank's deposits and branches to Sunwest Bank (SWBC) of Tustin, Calif.

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