Five banks, including an Illinois-based savings and loan formerly controlled by Taylor, Bean & Whitaker, were closed Friday. The Federal Deposit Insurance Corp. (FDIC) estimates the total cost of the five failures to its Deposit Insurance Fund to be about $401.3 million.
Platinum Community Bank, Rolling Meadows, Ill., was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC approved the payout of Platinum's insured deposits and entered into an agreement with MB Financial Bank NA to accept Platinum's direct deposits from the federal government, such as Social Security and Veterans' payments. As of Aug. 29, Platinum had total assets of $345.6 million and total deposits of $305.0 million.
The FDIC also entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Mo., to assume all of the deposits of Vantus Bank, Sioux City, Iowa. As of Aug. 28, Vantus Bank had total assets of $458 million and total deposits of approximately $368 million. In addition to assuming all of the deposits of the failed bank, Great Southern Bank agreed to purchase approximately $387 million of the assets.
The Illinois Department of Financial and Professional Banking, Division of Banking, closed InBank, Oak Forest, Ill. The FDIC entered into a purchase and assumption agreement with MB Financial Bank NA, Chicago, to assume all of the deposits of InBank, except certain brokered deposits. At the beginning of August, InBank's assets totaled $212 million, and its deposits totaled approximately $199 million.
State regulators in Arizona closed First State Bank, Flagstone, Ariz., and the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, Calif., to assume the failed bank's deposits. As of July 24, First State Bank had total assets of $105 million and total deposits of approximately $95 million.
Rounding out the closures, First Bank of Kansas City was closed, with De Soto, Kan.-based Great American Bank assuming the bank's deposits. As of June 30, First Bank of Kansas City had total assets of $16 million and total deposits of approximately $15 million.