Interest Rate Roundup

Saturday, August 23, 2008

And then there were nine ...

We got news of our ninth bank failure of the year late Friday evening. Columbian Bank and Trust Co. of Topeka, Kansas, with $752 million in assets as of June 30, went under. The FDIC arranged a purchase and assumption agreement with Citizens Bank and Trust of Chillicothe, Missouri to take over Columbian's insured deposits. The FDIC estimates there were $46 million in uninsured deposits. The total cost to the FDIC's Deposit Insurance Fund will be an estimated $60 million. More details can be found here.


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