Friday, April 24, 2009

Bank Failure 29: First Bank of Idaho, Fsb, Ketchum, Idaho

by Calculated Risk on 4/24/2009 08:07:00 PM

Like mushrooms at night
"First Bank..." souring everywhere
Outbreak in spud land.

by Soylent Green is People

From the FDIC: U.S. Bank, Minneapolis, Minnesota, Assumes All of the Deposits of First Bank of Idaho, Fsb, Ketchum, Idaho
First Bank of Idaho, FSB, Ketchum, Idaho, 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 U.S. Bank, Minneapolis, Minnesota, to assume all of the deposits, excluding those from brokers, of First Bank of Idaho.
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As of December 31, 2008, First Bank of Idaho had total assets of approximately $488.9 million and total deposits of $374.0 million. U.S. Bank paid a premium of 0.55 percent to acquire the deposits of First Bank of Idaho.
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The FDIC estimates that the cost to the Deposit Insurance Fund will be $191.2 million. U.S. Bank's acquisition of the deposits of First Bank of Idaho was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. First Bank of Idaho is the 29th bank to fail in the nation this year and the first in the state. The last FDIC-insured institution to fail in Idaho was Northwestern Federal Savings and Loan Association, Boise, on August 26, 1988.
That makes four ...