6 Bank Failures Today

From the FDIC: Millennium State Bank of Texas, Dallas, Texas

From the FDIC: As of June 30, 2009, Millennium State Bank of Texas had total assets of approximately $118 million and total deposits of $115 million. State Bank of Texas agreed to purchase essentially all of the failed banks assets. … The FDIC estimates that the cost to the Deposit Insurance Fund will be $47 million. State Bank of Texas’ acquisition of all the deposits was the “least costly” resolution for the DIF compared to alternatives. Millennium State Bank of Texas is the 51st FDIC-insured institution to fail in the nation this year and the first in Texas. The last bank to fail in the state was Sanderson State Bank, Sanderson, on December 12, 2008.

From the FDIC: Elizabeth State Bank, Elizabeth, Illinois

As of April 30, 3009, The Elizabeth State Bank had total assets of $55.5 million and total deposits of approximately $50.4 million. …The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.2 million. Galena State Bank and Trust’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The Elizabeth State Bank is the 49th FDIC-insured institution to fail in the nation this year, and the tenth in Illinois. The last FDIC-insured institution to be closed in the state was Rock River Bank, Oregon, earlier today.

From the FDIC: First National Bank of Danville, Danville, Illinois

As of April 30, 2009, The First National Bank of Danville had total assets of $166 million and total deposits of approximately $147 million. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24 million. First Financial Bank’s, N.A. acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The First National Bank of Danville is the 50th FDIC-insured institution to fail in the nation this year, and the eleventh in Illinois. The last FDIC-insured institution to be closed in the state was The Elizabeth State Bank, Elizabeth, earlier today.

From FDIC: John Warner Bank, Clinton, Illinois

As of April 30, 2009, The John Warner Bank had total assets of $70 million and total deposits of approximately $64 million … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10 million. State Bank of Lincoln’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The John Warner Bank is the 46th FDIC-insured institution to fail in the nation this year, and the seventh in Illinois.

From the FDIC: First State Bank of Winchester, Winchester, Illinois

As of April 30, 2009, The First State Bank of Winchester had total assets of $36 million and total deposits of approximately $34 million. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6 million. The First National Bank of Beardstown’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The First State Bank of Winchester is the 47th FDIC-insured institution to fail in the nation this year, and the eighth in Illinois

From FDIC: Rock River Bank, Oregon, Illinois

As of April 30, 2009, Rock River Bank had total assets of $77 million and total deposits of approximately $75.8 million … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.6 million. The Harvard State Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. Rock River Bank is the 48th FDIC-insured institution to fail in the nation this year, and the ninth in Illinois.

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