Sherman County Bank of Neb. fails, 10th closure in 2009 (and #11 Riverside Bank of the Gulf Coast)

[Pale Blue Dot]

Source: Marketwatch

SAN FRANCISCO (MarketWatch) -- The Federal Deposit Insurance Corporation and state regulators on Friday shut down Sherman County Bank of Loup City, Neb., the tenth bank failure of 2009 and the 35th since the start of the current credit crisis. All deposit accounts have been transferred to Heritage Bank, Wood River, Neb. and former Sherman County Bank locations will reopen as branches of Heritage Bank on Tuesday. In addition to assuming all of Sherman County Bank's $85.1 million deposits, Heritage Bank agreed to purchase about $21.8 million in assets. The FDIC will retain the remaining assets for later disposition.

UPDATE 6:30 This one just in:

Riverside Bank of the Gulf Coast, Cape Coral, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with TIB Bank, Naples, Florida, to assume all of the deposits of Riverside Bank.

Due to the observance of Presidents' Day on Monday, Riverside's nine offices will reopen on Tuesday as branches of TIB Bank. Depositors of Riverside Bank will automatically become depositors of TIB Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until TIB Bank can fully integrate the deposit records of Riverside Bank.

Over the weekend, depositors of Riverside Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2008, Riverside Bank had total assets of approximately $539 million and total deposits of $424 million. TIB Bank agreed to pay the FDIC a premium of 1.3 percent.

TIB Bank will not assume $142.6 million in brokered deposits held by Riverside Bank. The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.

http://www.fdic.gov/news/news/press/2009/pr09021.html

Read more: http://www.marketwatch.com/news/story/Sherman-County-Bank-Neb-fails/story.aspx?guid={F8889E56-C8B4-4FCC-8413-8A73399E5158}

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It's early; there still could be more tonight.

[hatrack]

1. Yeah, it's barely 6:00 EST on a holiday Friday . . .

Maybe tomorrow we'll have another three or four . . .

[UpInArms]

2. did you notice that last Friday's yield was 3 - not 2 - closures?

http://www.fdic.gov/bank/individual/failed/banklist.html

[bluestateguy]

3. This week on FRIDAY NIGHT BANK FAILURES

nt

[Pale Blue Dot]

4. Kick - 2nd failure tonight just announced

I added it to the OP.

[UpInArms]

5. it's a 4 Bank Failure Friday! a record for the past 8 years! 4 banks failed in one day!

is this a new record of failures?

http://www.fdic.gov/bank/individual/failed/banklist.html

Pinnacle Bank of Oregon, Beaverton, OR February 13, 2009 February 13, 2009

Corn Belt Bank and Trust Company, Pittsfield, IL February 13, 2009 February 13, 2009

Riverside Bank of the Gulf Coast, Cape Coral, FL February 13, 2009 February 13, 2009

Sherman County Bank, Loup City, NE February 13, 2009 February 13, 2009

[Pale Blue Dot]

6. And 3 last week

:scared:

[nc4bo]

7. Does anyone else think if these bank failures made Mon.-Thurs news cycles

that people wouldn't make a mad dash to their banks?

Sweeping them under the Friday news dump rug is a successful strategy so far I'd say.

How much longer can it go on before everyone notices the mountains growing under the rug?

:scared:

[Doctor Cynic]

8. Washington Mutual was taken over on a Thursday, but only because it was soooo big

that news leaked out and the FDIC had to break its rule.