Friday, June 25, 2010

Bank Failure #86: High Desert State Bank, Albuquerque, New Mexico

by Bill McBride on 6/25/2010 07:04:00 PM

As the anvil falls
Road running deposits flee
Wiley banker struck

by Soylent Green is People

From the FDIC: First American Bank, Artesia, New Mexico, Assumes All of the Deposits of High Desert State Bank, Albuquerque, New Mexico
As of March 31, 2010, High Desert State Bank had approximately $80.3 million in total assets and $81.0 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.9 million. ... High Desert State Bank is the 86th FDIC-insured institution to fail in the nation this year, and the second in New Mexico. The last FDIC-insured institution closed in the state was Charter Bank, Santa Fe, on January 22, 2010.
That makes three today ...