No New Failures

As of 6:05 pm EDT there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

No New Failures

As of 5:50 pm there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Number Eighteen Fails

Eighteenth-ranked First United Bank of Crete, Illinois, was closed today by state regulators. The former bank was acquired by Old Plank Trail Community Bank, National Association of New Lenox, Illinois (518th). Old Plank Trail Community Bank, N.A. agreed to purchase essentially all of the failed bank's assets $328.4 million in total assets. In addition, it will pay a premium of 0.60 for the. The FDIC and Old Plank Trail Community Bank, N.A. also entered into a loss-share transaction on $172.7 million of First United Bank's assets. $316.9 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $48.6 million.

No New Failures

As of 7:45 pm there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Number Four Bank Fails

Fourth-ranked Truman Bank of Saint Louis, Missouri, was closed today by state regulators. The approximately $282.3 million in total assets and $245.7 million in total deposits of the former bank were acquired by the Simmons First National Bank (1783rd) of Pine Bluff, Arkansas, to assume all of the deposits of Truman Bank.This was Simmons third acquisition of a failed bank since the start of the crisis. As part of the deal, the FDIC and Simmons First National Bank entered into a loss-share transaction on $117.8 million of Truman Bank's assets. Overall, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $34.0 million.

Eleventh Ranked Bank Fails

After a months-long holiday from bank closings regulators shut down First Commercial Bank of Bloomington, Minnesota today. The eleventh worst bank on the newest Bank Blog list, the $215.9 million bank by assets and $206.8 million in total deposits was taken over by Republic Bank & Trust Company of Louisville, Kentucky (6941st). This is the second acquisition for Republic after obtaining the operations of Tennessee Commerce Bank earlier this year.The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for this failure will be $63.9 million.

No New Failures

For a surprising fourth week in a row that have been no reported bank failures.  This is subject to change however as the day progresses. The Bank Blog will be updated as new information comes in.