This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Regulators Shut Down Five Banks

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 - Get Report).

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 - Get Report).

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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SWBC $38,000.00 0.00%
GSBC $37.92 0.00%
JPM $59.55 -0.10%
MBFI $30.65 0.46%
RF $9.31 0.65%


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs