by Calculated Risk on 4/17/2009 07:19:00 PM

Sterling does not shine...
It's bright luster has faded...
"Suits" swarm it today.
by Soylent Green is People

From the FDIC: Metcalf Bank, Lee's Summit, Missouri, Assumes All of the Deposits of American Sterling Bank, Sugar Creek, Missouri

American Sterling Bank, Sugar Creek, Missouri, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Metcalf Bank, Lee's Summit, Missouri, to assume all of the deposits of American Sterling Bank.
...
As of March 20, 2009, American Sterling Bank had total assets of approximately $181 million and total deposits of $171.9 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund will be $42 million. ... American Sterling Bank is the twenty-fourth FDIC-insured institution to fail in the nation this year. The last FDIC-insured institution to be closed in Missouri was Hume Bank, Hume, on March 7, 2008.

Friday is here.