logo
Share SHARE
FONT-SIZE Plus   Neg

US Bank Closures Reach 3 In 2014 As Regulators Shuts A Bank In Idaho

The Federal Deposit Insurance Corp. or FDIC, announced Friday the shuttering of a small bank in Idaho, taking the count of total U.S. bank closures in 2014 to three, after 24 in 2013, 51 in 2012, 92 in 2011 and the 157 bank closures in 2010.

Syringa Bank, Boise, Idaho, was closed by the Idaho State Banking Department. Sunwest Bank, Irvine, California, agreed to take over the deposits of the failed bank as part of a purchase-and-assumption deal with the Federal Deposit Insurance Corp.

The FDIC estimates that the cost of the bank failure to the Deposit Insurance Fund will be $4.5 million.

As of September 30, 2013, Syringa Bank had about $153.4 million in total assets and $145.1 million in total deposits.

Sunwest Bank has agreed to pay the FDIC a premium of 0.75 percent to assume Syringa Bank's deposits. In addition to assuming the deposits of the failed bank, Sunwest Bank agreed to buy essentially all of the failed bank's assets.

Depositors of the failed bank automatically will become depositors of Sunwest Bank and will continue to be insured by the FDIC. The FDIC insures deposits for as much as $250,000 per depositor.

According to FDIC, DuPage National Bank, West Chicago, Illinois, was closed by the Office of the Comptroller on January 17, becoming the first bank to fail in 2014. On January 24, regulators closed The Bank of Union, El Reno, Oklahoma.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
10 Worst Places To Raise A Family Whether you are a young couple building a nest or seasoned parents looking for a change of scenery, there are number of places around the country that should be avoided, according to personal finance website WalletHub. They looked at mainly five categories for... A passenger has filed a lawsuit against Canadian budget airline Sunwing Airlines for serving him cheap sparkling wine instead of champagne on board a flight, according to media reports. The Canadian passenger, Daniel MacDuff, reportedly boarded his Sunwing flight to Cuba in February, on a flight package that advertised a complimentary on-board champagne toast. Senate Health Committee Chairman Lamar Alexander, R-Tenn., and ranking member Patty Murray, D-Wash., announced Thursday that twenty-two other Senators are cosponsoring their bipartisan plan to provide short-term stability to Obamacare. The bipartisan bill includes a two-year extension of the cost-sharing...
comments powered by Disqus
Follow RTT