19th ranked Mid City Bank,
Inc. of Omaha, Nebraska was closed today by regulators. It was acquired by Purdum State Bank (5463rd) of
Purdum, Nebraska which will be renaming itself Premier
Bank. The $20 million bank by assets will be growing significantly, taking over approximately
$106.1 million in Mid City Bank's assets and $105.5 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $12.7 million.
In additional news, 143rd ranked SunFirst Bank of
Saint George, Utah, was also closed today.
to assume most of the deposits of SunFirst Bank. Cache Valley Bank (5635th) of Logan, Utah has acquired $177.3 million of the failed bank's
assets and all but $15 million in deposits that are currently subject to litigation. The FDIC and Cache Valley Bank entered into a loss-share transaction
on $128.9 million of SunFirst Bank's assets. The FDIC estimates that the cost to the DIF
will be $49.7 million.
