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Bank Failures #156 & 157: Arkansas and Minnesota

By Anonymous

Shadowy Reaper
A grim Black Friday for some
Nearing your banks door?
by Soylent Green is People
From the FDIC: Southern Bank, Poplar Bluff, Missouri, Assumes All of the Deposits of First Southern Bank, Batesville, Arkansas

As of September 30, 2010, First Southern Bank had approximately $191.8 million in total assets and $155.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. ... First Southern Bank is the 156th FDIC-insured institution to fail in the nation this year, and the first in Arkansas.

From the FDIC: Farmers & Merchants Savings Bank, Manchester, Iowa, Assumes All of the Deposits of Community National Bank, Lino Lakes, Minnesota

As of September 30, 2010, Community National Bank had approximately $31.6 million in total assets and $28.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.7 million. ... Community National Bank is the 157th FDIC-insured institution to fail in the nation this year, and the eighth in Minnesota.

The FDIC is busy on probably the last closing day of the year.

Full post as published by Calculated Risk on December 17, 2010 (boomark / email).