Friday, October 23, 2009

Bank Failures 104 & 105 in Wisconsin and Minnesota

by Calculated Risk on 10/23/2009 07:11:00 PM

Failure "two by two"
A flood is on horizon
The Ark is near full.

by Soylent Green is People

From the FDIC:
Bank of Elmwood, Racine, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $101.1 million. ... Bank of Elmwood is the 104th FDIC-insured institution to fail in the Nation this year, and the first in Wisconsin. The last FDIC-insured institution closed in the state was The First National Bank of Blanchardville, Blanchardville, on May 9, 2003
From the FDIC:
Riverview Community Bank, Otsego, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of August 31, 2009, Riverview Community Bank had total assets of $108 million and total deposits of approximately $80 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20 million. ... Riverview Community Bank is the 105th FDIC-insured institution to fail in the Nation this year, and the fifth in Minnesota. The last FDIC-insured institution closed in the state was Jennings State Bank, Spring Grove, on October 2, 2009.
That makes six today ...