Friday, November 06, 2009

Bank Failures #118 & 119: Banks in Minnesota & Missouri

by Calculated Risk on 11/06/2009 07:13:00 PM

Whats a "Prosperan"?
A breakfast food, car or band?
Answer: money pit


Looming Gateway Arch
Symbol of pioneer spirit
Their bank now a ghost.

by Soylent Green is People

From the FDIC: Alerus Financial, National Association, Grand Forks, North Dakota, Assumes All of the Deposits of Prosperan Bank, Oakdale, Minnesota
Prosperan Bank, Oakdale, 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, Prosperan Bank had total assets of $199.5 million and total deposits of approximately $175.6 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $60.1 million. ... Prosperan Bank is the 118th FDIC-insured institution to fail in the nation this year, and the sixth in Minnesota. The last FDIC-insured institution closed in the state was Riverview Community Bank, Ostego, on October 23, 2009
From the FDIC: Central Bank of Kansas City, Kansas City, Missouri, Assumes All of the Deposits of Gateway Bank of St. Louis, St. Louis, Missouri
Gateway Bank of St. Louis, St. Louis, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 25, 2009, Gateway Bank of St. Louis had total assets of $27.7 million and total deposits of approximately $27.9 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.2 million. ... Gateway Bank of St. Louis is the 119th FDIC-insured institution to fail in the nation this year, and the third in Missouri. The last FDIC-insured institution closed in the state was First Bank of Kansas City, Kansas City, on September 4, 2009.
That makes four today ...