Hat trick. Three new banks were added to the FDIC Failed Bank List:
Town Community Bank and Trust, Antioch, IL - $67.4 million in total deposits and an estimated hit to the Deposit Insurance Fund (DIF) of $17.8 million. This involves a loss-share agreement with First American Bank on $56.2 million of TCBT’s assets. On the plus side, the bank will re-open tomorrow.
St. Stephen State Bank, St. Stephen, MN - $23.4 million in total deposits and an estimated hit to the DIF of $7.2 million. This one had a loss-share agreement with First State Bank of St. Joseph on $20.4 million of the assets.
Barnes Banking Company, Kaysville, UT - $786.5 million in total deposits and an estimated hit to the DIF of $271.3 million. This is one of those failures that nobody wanted to buy up, so “the FDIC created the Deposit Insurance National Bank of Kaysville (DINB), which will remain open until February 12, 2010 to allow depositors access to their insured deposits and time to open accounts at other insured institutions.”
We are still warming up for the year. It is going to be a rough ride.
