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Regulators Shut Down Five Banks

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 Bank

Platinum Community Bank had been assigned a D-minus rating by 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 that the agency was still assessing the failed thrift's deposits but expected minimal deposits over insurance limits, and "possibly none."
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