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Archive for Saturday, December 12, 2009

Kansas bank among latest FDIC closures

December 12, 2009

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— Regulators on Friday shut down banks in Kansas, Florida and Arizona, bringing to 133 the number of U.S. banks that have failed this year.

The Federal Deposit Insurance Corp. took over Miami-based Republic Federal Bank, with $433 million in assets and $352.7 million in deposits. A bank based in Boca Raton, Fla., 1st United Bank, agreed to assume all the deposits and $267.1 million of the assets of the failed bank. The FDIC will retain the rest for eventual sale.

The FDIC also took over Valley Capital Bank, based in Mesa, Ariz., with $40.3 million in assets and $41.3 million in deposits; and SolutionsBank in Overland Park, Kan., with $511.1 million in assets and $421.3 million in deposits.

Enterprise Bank & Trust, based in Clayton, Mo., agreed to assume the assets and deposits of Valley Capital, while Arvest Bank, based in Fayetteville, Ark., is buying the assets and deposits of SolutionsBank.

The FDIC estimates the failure of Republic Federal will cost $122.6 million; the failure of Valley Capital an estimated $7.4 million; and the failure of SolutionsBank an estimated $122.1 million.

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