The RiverBankState regulators closed The RiverBank of Wyoming, Minn., which had $417.4 million in total assets and $379.3 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed bank to Central Bank of Stillwater, Minn. The agency agreed to cover 80% of losses on $339.3 million in assets acquired by Central Bank and estimated the cost of The RiverBank's failure to the deposit insurance fund would be $71.4 million. The failed bank's six branches were set to reopen Saturday as Central Bank branches.
Sun Security BankThe Missouri Division of Finance shut down Sun Security Bank of Ellington, which had $355.9 million in total assets and $290.4 million in deposits. The FDIC was appointed receiver and sold the failed institution to Great Southern Bank of Springfield, Mo. The acquiring bank is the main subsidiary of Great Southern Bancorp ( GSBC). The FDIC agreed to cover 80% of losses on $351.9 of the failed bank's assets acquired by Great Southern Bank and estimated the cost of Sun Security Bank's failure to the deposit insurance fund would be $118.3 million. Sun Security Bank's 27 offices were scheduled to reopen during normal business hours as Great Southern Bank branches.
Thorough Bank Failure CoverageThe RiverBank was the second Minnesota institution to fail this year. Sun Security Bank was the first 2011 bank closure in Missouri. Georgia leads all states with 19 failures this year, followed by Florida, with 11 failures, and Illinois, with seven bank closures. All 398 bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.