by Calculated Risk on 7/17/2009 06:14:00 PM

Lets chug a lug, lug
Two down, many to follow
Quaff to banks gone bye.
by Soylent Green is People
From the FDIC:

BankFirst, Sioux Falls, South Dakota, was closed today by the South Dakota Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, North Dakota, to assume all of the deposits of BankFirst.
...
As of April 30, 2009, BankFirst had total assets of $275 million and total deposits of approximately $254 million.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $91 million. ... BankFirst is the 55th FDIC-insured institution to fail in the nation this year, and the first in South Dakota. The last FDIC-insured institution to be closed in the state was First Federal Savings Bank of South Dakota, Rapid City, on April 24, 1992.

That makes two today ...