The Federal Deposit Insurance Corporation (FDIC) took over 5 banks on Friday, August 21, 2009. These closings bring the total for the year to 89. The banks closed are located in Arizona, Illinois, Iowa, and Missouri. The banks include First State Bank, Flagstaff, Arizona, Platinum Community Bank, Rolling Meadows, Illinois, Vantus Bank, Sioux City, Iowa, InBank, Oak Forest, Illinois, and First Bank of Kansas City, Kansas City, Missouri.
Details for each bank are included below for affected customers:First State Bank, Flagstaff, Arizona
First State Bank, Flagstaff, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of First State Bank.
Due to the Labor Day holiday, the six branches of First State Bank will reopen on Tuesday as branches of Sunwest Bank. Depositors of First State Bank will automatically become depositors of Sunwest Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Sunwest Bank can fully integrate the deposit records of First State Bank.
Platinum Community Bank, Rolling Meadows, Illinois
The FDIC approved the payout of the insured deposits of Platinum Community Bank, Rolling Meadows, Illinois. The bank was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver.
The FDIC will mail customers checks for their insured funds on Tuesday, September 8. Platinum Community Bank, as of August 29, 2009, had total assets of $345.6 million and total deposits of $305.0 million.
Vantus Bank, Sioux City, Iowa
Vantus Bank, Sioux City, Iowa, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Vantus Bank.
The 15 branches of Vantus Bank will reopen on Saturday with normal business hours as branches of Great Southern Bank. Depositors of Vantus Bank will automatically become depositors of Great Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Great Southern Bank can fully integrate the deposit records of Vantus Bank.
InBank, Oak Forest, Illinois
InBank, Oak Forest, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of InBank, except certain brokered deposits.
The three branches of InBank will reopen on Saturday as branches of MB Financial Bank, N.A. Depositors of InBank will automatically become depositors of MB Financial Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until MB Financial Bank, N.A., can fully integrate the deposit records of InBank.
First Bank of Kansas City, Kansas City, Missouri
First Bank of Kansas City, Kansas City, Missouri, was closed today by the Missouri Division of Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great American Bank, De Soto, Kansas, to assume all of the deposits of First Bank of Kansas City.
The sole branch of First Bank of Kansas City will reopen on Saturday as a branch of Great American Bank. Depositors of First Bank of Kansas City will automatically become depositors of Great American Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Great American Bank can fully integrate the deposit records of First Bank of Kansas City.
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