FDIC Friday 11-04-11 ~ Two More Gone!

[Copper Catcher]

Purdum State Bank, Purdum, Nebraska, Assumes All of the Deposits of Mid City Bank, Inc., Omaha, Nebraska

As of September 30, 2011, Mid City Bank, Inc. had approximately $106.1 million in total assets and $105.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Purdum State Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $12.7 million. Compared to other alternatives, Purdum State Bank's acquisition was the least costly resolution for the FDIC's DIF. Mid City Bank, Inc. is the 86th FDIC-insured institution to fail in the nation this year, and the first in Nebraska. The last FDIC-insured institution closed in the state was TierOne Bank, Lincoln, on June 4, 2010.

Cache Valley Bank, Logan, Utah, Assumes Deposits of SunFirst Bank, Saint George, Utah

As of September 30, 2011, SunFirst Bank had approximately $198.1 million in total assets and $169.1 million in total deposits. In addition to assuming deposits of the failed bank, Cache Valley Bank agreed to purchase approximately $177.3 million of the failed bank's assets. The FDIC will retain the balance of the assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $49.7 million. Compared to other alternatives, Cache Valley Bank's acquisition was the least costly resolution for the FDIC's DIF. SunFirst Bank is the 87th FDIC-insured institution to fail in the nation this year, and the first in Utah. The last FDIC-insured institution closed in the state was Advanta Bank Corp., Draper, on March 19, 2010.