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Friday, December 11, 2009

Bank Failure #132&133: Arizona and Kansas

by Calculated Risk on 12/11/2009 07:16:00 PM

Note: since I get questions now and then - the Haiku was started long ago and is kind of a tradition.

Valley Capitol
AKA Giant Cash Sinkhole
We can't climb out of


Prairie bank failure
Solution for Solutions:
Arvest to invest

by Soylent Green is People

From the FDIC: Enterprise Bank & Trust, Clayton, Missouri, Assumes All of the Deposits of Valley Capital Bank, National Association, Mesa, Arizona
Valley Capital Bank, National Association, Mesa, Arizona, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Valley Capital Bank had total assets of approximately $40.3 million and total deposits of approximately $41.3 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.4 million. ... Valley Capital Bank is the 132nd FDIC-insured institution to fail in the nation this year, and the forth in Arizona. The last FDIC-insured institution closed in the state was Bank USA, National Association, Phoenix, on October 30, 2009.
From the FDIC: Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas
SolutionsBank, Overland Park, Kansas, was closed today by the Office of the State Bank Commissioner of Kansas, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, SolutionsBank had total assets of $511.1 million and total deposits of approximately $421.3 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $122.1 million. ... SolutionsBank is the 133rd FDIC-insured institution to fail in the nation this year, and the third in Kansas. The last FDIC-insured institution closed in the state was First National Bank of Anthony, Anthony, on June 19, 2009.
Less than $300 million hit to the DIF so far today ...