A Late Failure

Late last Friday, 82nd-ranked Syringa Bank of Boise, Idaho was closed by state regulators. The approximately $153.4 million in total assets and $145.1 million in total deposits bank has been acquired by Sunwest Bank of Irvine, California. The Bank Blog has estimated Syringa Bank's odds of failure within the year at 17.8%. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.5 million.