Two new banks were added to the FDIC Failed Bank List. They issued a single press release for both banks:
Irwin Union Bank and Trust Company, Columbus, Indiana, was closed by the Indiana Department of Financial Institutions. As of August 31, 2009, it had total assets of $2.7 billion and total deposits of approximately $2.1 billion. Irwin Union Bank, F.S.B., Louisville, Kentucky, was closed by the Office of Thrift Supervision. As of August 31, 2009, it had total assets of $493 million and total deposits of approximately $441 million.
The estimated cost to the FDIC fund is $850 million. Once again, there’s a loss share agreement, this time covering $2.5 billion of the assets. That leaves room for more losses.
The night is still young. More could follow, but I have promises to keep, and miles to go before I sleep.
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