In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Friday, November 18, 2011

Bank Failures #89 & 90: Iowa and Louisiana

by Calculated Risk on 11/18/2011 07:09:00 PM

Unfortunately
These recent Occupied banks
Are not on Wall Street

by Soylent Green is People

From the FDIC: Grinnell State Bank, Grinnell, Iowa, Assumes All of the Deposits of Polk County Bank, Johnston, Iowa
As of September 30, 2011, Polk County Bank had approximately $91.6 million in total assets and $82.0 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $12.0 million. ... Polk County Bank is the 89th FDIC-insured institution to fail in the nation this year, and the first in Iowa.
From the FDIC: First NBC Bank, New Orleans, Louisiana, Assumes All of the Deposits of Central Progressive Bank, Lacombe, Louisiana
As of September 30, 2011, Central Progressive Bank had approximately $383.1 million in total assets and $347.7 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.1 million. ... Central Progressive Bank is the 90th FDIC-insured institution to fail in the nation this year, and the first in Louisiana.
A first this year for both states.