Vantus Bank had $458 million in total assets and $368 million in deposits. In addition to the deposits, Great Southern Bank acquired $387 million in assets, with the FDIC agreeing to share in losses on $338 million.
Vantus Bank's 15 branches were scheduled to reopen Saturday as branches of Great Southern Bank.
The FDIC estimated the cost to its insurance fund would be $168 million.
Platinum Community BankPlatinum Community Bank had been assigned a D-minus rating by TheStreet.com Ratings in March, which was an upgrade from an E-plus the previous quarter. While Platinum Community Bank's nonperforming assets ratio was 6.27% as of June 30, the institution appeared very strongly capitalized, with a Tier 1 leverage ratio of 24.00% and a total risk-based capital ratio of 64.75%. The capital ratios increased during the first half of the year as Taylor, Bean & Whitaker injected cash into the thrift in order to set it up for expansion. The OTS didn't provide any details on the closing of Platinum Community, but the holding company's bankruptcy, which resulted in part from accounting irregularities discovered in an outside audit, obviously led to instability at the thrift. Platinum Community Bank had $346 million in total assets and $305 million in deposits. Because the FDIC didn't arrange for another institution to take over Platinum bank, the agency was returning deposits directly to customers. FDIC representative David Barr told TheStreet.com that the agency was still assessing the failed thrift's deposits but expected minimal deposits over insurance limits, and "possibly none."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV