SolutionsBank Closes, Arvest Bank Assumes All Deposits – 2009 Bank Failures Reach 132

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

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.

  • Cheated
    I would find another local bank. Arvest (Waltons- Walmart) suck. If you only knew how they treated the solutionsbank employees when they took over. It was such a sad day. They could have cared less about anything. The FDIC however were very easy. Yes I was an employee and I saw first hand how they treat people. Mostly their executives. What a sorry day for solutionsbank former employees and customers. Get out now why you can!!!
  • KateMTP
    This is what makes me nervous about using a smaller, regional bank. Especially during this economic downturn.
  • Karen Longoria
    I have been doing all my bill pay and correspondence on line. What do I do now? Will my account # stay the same? Will all the bill pay be the same? How do I go on line to check my account?
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