By Willy Staley  Posted on Mon Oct 10, 2011

FDIC Bank Failures Climb Up to 76

Two more banks failed this past week, bringing the year’s total number of FDIC-insured bank failures to 76. Sun Security Bank, of Ellington, MO, and The RiverBank, of Wyoming, MN both closed this week.

Sun Security Bank, based in Ellington, MO, was taken into receivership by the FDIC on Friday, October 7, after it was closed by the Missouri Division of Finance. Great Southern Bank, also based in Missouri, agreed to purchase the bank, and have assumed all the deposits.

FDIC Bank Failures Climb Up to 76

Customers who banked with Sun Security Bank are now customers of Great Southern Bank, and their funds are available immediately. Loan customers should continue to make payments as usual, until further notice.

Sun Security Bank had 29 branches in Missouri, and will be joining Great Southern Bank, which has locations all over the Midwest and the South, from Nebraska to Arkansas. It had $355.9 million in assets and $290.4 in deposits.

Up in Minnesota The RiverBank, based in Wyoming, MN, also failed on Friday, and was taken into receivership by the FDIC, after being closed by the Minnesota Department of Commerce. All of its deposits were assumed by Central Bank of Stillwater, MN.

Customers who banked with The RiverBank are now Central Bank customers, and can continue to do business as usual with their bank.

By their most recent estimates, The RivierBank had $417.4 million in assets and $379.3 in deposits. It had only 7 branches. The assuming institution, Central Bank, will be adding these to their network of 14 branches, ranging from Minnesota to Florida.

In all, 76 FDIC-insured banks have failed in 2011. Last year, 157 banks failed. 140 failed in 2009. At this point in 2010, 129 banks had failed. While things are certainly not looking up for the economy, bank failures are slowing down.

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