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Regulators Shut Down Five Banks

First Bank of Kansas City had $16 million in total assets and $15 million in deposits. The failed bank's office was set to reopen Saturday as a branch of Great American Bank.

In addition to the office and deposits, Great American took over all of First Bank's assets. The FDIC estimated the cost to its insurance fund would be $6 million.


InBank had been assigned a D-minus (Weak) rating by Ratings in September 2008, a downgrade from a D the previous quarter. The most recent rating was based on March 31 financials that indicated the institution was still well capitalized under ordinary regulatory guidelines, with a Tier 1 leverage ratio of 9.10% and a total risk-based capital ratio of 12.24%. However, the institution later amended its regulator reports to show it was in a negative capital position.

InBank had $212 million in total assets when it was shut down, along with $199 million in deposits. In addition to all of the retail deposits, MB Financial Bank acquired most of the failed institution's assets.

InBank's three branches were schedule to reopen Saturday as branches of MB Financial. The FDIC estimated the cost to its insurance fund would be $66 million.

Vantus Bank Ratings had assigned Vantus Bank a D rating in March, which was an upgrade from a D-minus the previous quarter.

A second-quarter loss of $18 million resulting primarily from securities losses left the institution significantly undercapitalized with a Tier 1 leverage ratio of 4.47% and a total risk-based capital ratio of 3.98%. In a press release announcing the failure, the OTS cited the Vantus Bank's lack of capital and liquidity, saying Vantus was "unlikely to be able to pay its obligations or meet its depositors' demands in the normal course of business."

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