Three Banks Closed on Oct. 15

Number of 2010's Failed Institutions Nears 150
Three Banks Closed on Oct. 15
Federal and state banking regulators closed three banks on Friday, Oct. 15.

These closures raise the total number of failed institutions to 152 so far in 2010.

These are the latest failed banks:

Security Savings Bank, F.S.B, Olathe, Kan.

Security Savings Bank, F.S.B., Olathe, Kan., was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation was appointed receiver. The FDIC arranged for Simmons First National Bank, Pine Bluff, Ark., to assume all of the deposits of the failed bank.

The nine branches of Security Savings Bank, F.S.B. will reopen as branches of Simmons First National Bank. Security Savings Bank, F.S.B. had $508.4 million in assets.

The estimated cost to the Deposit Insurance Fund (DIF) will be $82.2 million.

WestBridge Bank and Trust Company, Chesterfield, Mo.

WestBridge Bank and Trust Company, Chesterfield, Mo., was closed by the Missouri Division of Finance. The FDIC was appointed receiver. The FDIC arranged for Midland States Bank, Effingham, Ill., to assume all of the deposits of the failed bank.

The sole branch of WestBridge Bank and Trust Company will reopen as a branch of Midland States Bank. WestBridge Bank and Trust Company had $91.5 million in total assets.

The estimated cost to the DIF will be $18.7 million.

Premier Bank, Jefferson City, Mo.

Premier Bank, Jefferson City, Mo., was closed by the Missouri Division of Finance, and the FDIC was appointed receiver. The FDIC arranged with Providence Bank, Columbia, Mo., to assume all of the deposits of Premier Bank.

The nine branches of Premier Bank will reopen as branches of Providence Bank. Premier Bank had $1.18 billion in total assets.

The estimated cost to the DIF will be $406.9 million.





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