Friday, May 14, 2010

Bank Failures #71 & #72: Missouri & Illinois

by Bill McBride on 5/14/2010 07:10:00 PM

In the "Show Me State"
Southwest Community Bank
Has been shown the door.


Midwest Bank and Trust
A bailout recipient
TARP lifeline squandered

by Soylent Green is People

From the FDIC: Simmons First National Bank, Pine Bluff, Arkansas, Assumes All of the Deposits of Southwest Community Bank, Springfield, Missouri
As of March 31, 2010, Southwest Community Bank had approximately $96.6 million in total assets and $102.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29.0 million. ... Southwest Community Bank is the 71st FDIC-insured institution to fail in the nation this year, and the fourth in Missouri.
From the FDIC: Firstmerit Bank, National Association, Akron, Ohio, Assumes All of the Deposits of Midwest Bank and Trust Company, Elmwood Park, Illinois
As of March 31, 2010, Midwest Bank and Trust Company had approximately $3.17 billion in total assets and $2.42 billion in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $216.4 million. ... Midwest Bank and Trust Company is the 72nd FDIC-insured institution to fail in the nation this year, and the eleventh in Illinois
Midwest was a fair size bank ... that makes four today.