Bank of Wyoming Closed

The Bank of Wyoming on Friday became the 53rd closed bank of the year.

The Thermopolis, Wyoming-based institution, which had total assets of $70 million and total deposits of approximately $67 million, was closed by the State of Wyoming, Department of Audit, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC then entered into a purchase and assumption agreement with Central Bank & Trust, Lander, Wyoming, to assume all of the failed bank's deposits.

Central Bank and Trust also agreed to purchase approximately $55 million of assets. The FDIC will retain any remaining assets for later disposition.

Bank of Wyoming's sole office will reopen as a branch of Central Bank & Trust. Depositors will automatically become depositors of Central Bank & Trust.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27 million.

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