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Bailout

: Calculated Risk

Bank Failures 2&3 for 2010: Illinois & Minnesota

By Anonymous

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Thinking all is well
Whistling past the graveyard
Our first Friday FAIL
by Soylent Green is People
From the FDIC: First American Bank, Elk Grove Village, Illinois Assumes All of the Deposits of Town Community Bank and Trust, Antioch, Illinois

Town Community Bank and Trust, Antioch, Illinois, was closed today by the Illinois Department of Financial Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of September 30, 2009, Town Community Bank and Trust had approximately $69.6 million in total assets and $67.4 million in total deposits....
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.8 million. ... Town Community Bank and Trust is the second FDIC-insured institution to fail in the nation this year, and the first in Illinois. The last FDIC-insured institution closed in the state was Independent Bankers' Bank, Springfield, on December 18, 2009.

From the FDIC: First State Bank of St. Joseph, St. Joseph, Minnesota, Assumes All of the Deposits of St. Stephen State Bank, St. Stephen, Minnesota

St. Stephen State Bank, St. Stephen, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of September 30, 2009, St. Stephen State Bank had approximately $24.7 million in total assets and $23.4 million in total deposits. First State Bank of St. ...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.2 million.... St. Stephen State Bank is the third FDIC-insured institution to fail in the nation this year, and the first in Minnesota. The last FDIC-insured institution closed in the state was Prosperan Bank, Oakdale, on November 6, 2009.

They may be small, but they count!

Full post as published by Calculated Risk on January 15, 2010 (boomark / email).