douglasblakey

The Federal Deposit Insurance Corporation
(FDIC) closed two lenders on 7 October, taking total US bank
failures for the year to date to 76.

By the same stage last year, the FDIC had
closed 129 lenders.

Minnesota-based Riverbank (assets of $417m
and deposits of $379m) was shuttered at an estimated loss to the
FDIC of around $71.4m.

Minnesota-headquartered Central Bank
agreed to assume to deposits and assets of Riverbank.

In Missouri, $366bn asset Sun Security
Bank failed at an estimated loss to the FDIC of $118m.

Its assets and deposits have been acquired
by Missouri-based Great Southern Bank.