This Friday the roll call of 2009 bank failures continued, with 3 banks failing in Florida, Arizona and Kansas. The largest bank to close was SolutionsBank of Overland Park, KS, with 6 branches and an estimated $511.1 million in assets as of this September. Arvest Bank of Fayetteville, AR, has entered into a loss share transaction with the FDIC to purchases essentially all of the failed banks assets.
Closed
SolutionsBank
Customers trying to sign on to the SolutionsBank website will be directed to either the FDIC bank failure press release page or to Arvest Bank, where there is a announcement specifically for former SolutionsBank customers that tells them how the transfer will effect them. All 6 branches and desposits of SolutionsBank will officially became part of Arvest Bank as of the close of the December 11th business day, and the bank and the FDIC spent the weekend working to transfer accounts over to the Arvest system.
Arvest and the FDIC want to assure all former SolutionsBank customers that their deposits are safe and remain insured under the FDIC an Arvest Bank, and that they will not have to change their normal banking habits. Customers should continue to bank at their local SolutionsBank branches, which will soon be officially changed over into Arvest Bank locations as soon as possible.
Other Bank Failures this Week
SolutionsBank was joined on Friday by Republic Federal Bank of Miami, FL, and Valley Capital Bank of Mesa, AZ, bringing the total number of 2009 failures to 132, with 13 of these in Florida alone. The total cost that the three closures bring to the FDIC’s Deposit Insurance Fund (DIF) is estimated at $252.1 million.
For more information on the 2009 bank failures, as well as an interactive map showing where in the United States these failures have been concentrated, visit our dedicated Failed Bank List page here.
