Friday, July 10, 2009

Bank Failure #53: Bank of Wyoming, Thermopolis, Wyoming

by Calculated Risk on 7/10/2009 07:16:00 PM

Spirited collapse
A corkscrewed, spiraling fall
Time to drown sorrows.

by Soylent Green is People

From the FDIC: Central Bank & Trust, Lander, Wyoming, Assumes All of the Deposits of Bank of Wyoming, Thermopolis, Wyoming
Bank of Wyoming, Thermopolis, Wyoming, was closed today by the State of Wyoming, Department of Audit, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of June 30, 2009, Bank of Wyoming had total assets of $70 million and total deposits of approximately $67 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27 million. Central Bank & Trust's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Bank of Wyoming is the 53rd FDIC-insured institution to fail in the nation this year, and the first in Wyoming. The last FDIC-insured institution to be closed in the state was Westland, FS & LA, Rawlins, on July 26, 1991.
It is Friday ...