and there goes another one...........................
Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators today, the ninth U.S. bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices.
The bank, with $752 million in assets and $622 million in total deposits, was shuttered by the Kansas state bank commissioner's office and the Federal Deposit Insurance Corp., the FDIC said today in a statement.
Citizens Bank and Trust will assume the failed bank's insured deposits. Columbian Bank's nine branches will open Aug. 25 as Citizens Bank and Trust offices, the FDIC said. Customers can access their accounts over the weekend by writing checks or using ATM or debit cards.
``There is no need for customers to change their banking relationship to retain their deposit insurance coverage,'' the FDIC's statement said.
The pace of bank closings is accelerating after financial companies reported more than $500 billion in writedowns and credit losses since the start of 2007. The FDIC's ``problem'' bank list grew by 18 percent in the first quarter from the preceding three-month period, to 90 banks with combined assets of $26.3 billion.
Historically Low Levels
FDIC Chairman Sheila Bair said last month she expected more lenders to fail this year as the pace of shutdowns rises from historically low levels.
Before today, the FDIC had closed 36 banks since October 2000, according to a list at fdic.gov. The U.S. shut 12 banks in 2002, the most in the period, and there were no closures in 2005 and 2006.
A call to the Kansas Office of the State Bank Commissioner after regular business hours wasn't immediately returned.
U.S. bank regulators closed Florida's First Priority Bank on Aug. 1; Reno-based First National Bank of Nevada, Newport Beach, California-based First Heritage Bank, and Pasadena-based IndyMac Bancorp Inc. in July; Staples, Minnesota-based First Integrity Bank and ANB Financial in Bentonville, Arkansas, in May; Hume Bank in Hume, Missouri, in March; and Douglass National Bank in Kansas City, Missouri, in January.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aJqU2qEw3_2c&refer=us
Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators today, the ninth U.S. bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices.
The bank, with $752 million in assets and $622 million in total deposits, was shuttered by the Kansas state bank commissioner's office and the Federal Deposit Insurance Corp., the FDIC said today in a statement.
Citizens Bank and Trust will assume the failed bank's insured deposits. Columbian Bank's nine branches will open Aug. 25 as Citizens Bank and Trust offices, the FDIC said. Customers can access their accounts over the weekend by writing checks or using ATM or debit cards.
``There is no need for customers to change their banking relationship to retain their deposit insurance coverage,'' the FDIC's statement said.
The pace of bank closings is accelerating after financial companies reported more than $500 billion in writedowns and credit losses since the start of 2007. The FDIC's ``problem'' bank list grew by 18 percent in the first quarter from the preceding three-month period, to 90 banks with combined assets of $26.3 billion.
Historically Low Levels
FDIC Chairman Sheila Bair said last month she expected more lenders to fail this year as the pace of shutdowns rises from historically low levels.
Before today, the FDIC had closed 36 banks since October 2000, according to a list at fdic.gov. The U.S. shut 12 banks in 2002, the most in the period, and there were no closures in 2005 and 2006.
A call to the Kansas Office of the State Bank Commissioner after regular business hours wasn't immediately returned.
U.S. bank regulators closed Florida's First Priority Bank on Aug. 1; Reno-based First National Bank of Nevada, Newport Beach, California-based First Heritage Bank, and Pasadena-based IndyMac Bancorp Inc. in July; Staples, Minnesota-based First Integrity Bank and ANB Financial in Bentonville, Arkansas, in May; Hume Bank in Hume, Missouri, in March; and Douglass National Bank in Kansas City, Missouri, in January.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aJqU2qEw3_2c&refer=us