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Bailout
: Calculated RiskBank Failure #62: Champion Bank, Creve Coeur, Missouri
By Anonymous
The breakfast of Champion
They drank our milk shake
by Soylent Green is People
From the FDIC: Bankliberty, Liberty, Missouri, Assumes All of the Deposits of Champion Bank, Creve Coeur, Missouri
Champion Bank, Creve Coeur, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...Busy day ...As of December 31, 2009, Champion Bank had approximately $187.3 million in total assets and $153.8 million in total deposits....
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $52.7 million. ... Champion Bank is the 62nd FDIC-insured institution to fail in the nation this year, and the second in Missouri. The last FDIC-insured institution closed in the state was Bank of Leeton, Leeton, on January 22, 2010.
Full post as published by Calculated Risk on April 30, 2010 (boomark / email).
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