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Friday, January 22, 2010

Bank Failure #6: Bank of Leeton, Leeton, Missouri

by Calculated Risk on 1/22/2010 07:05:00 PM

Leeton Missouri
Flyover town with small bank
Not too big to fail

by Soylent Green is People

From the FDIC: Sunflower Bank, National Association, Salina, Kansas, Assumes All of the Deposits of Bank of Leeton, Leeton, Missouri
Bank of Leeton, Leeton, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of December 31, 2009, Bank of Leeton had approximately $20.1 million in total assets and $20.4 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.1 million. ... Bank of Leeton is the sixth FDIC-insured institution to fail in the nation this year, and the first in Missouri. The last FDIC-insured institution closed in the state was Gateway Bank of St. Louis, on November 6, 2009.
Small ones count too.