Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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.

Register
To receive FREE breaking news email alerts for Syringa Bancorp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Pharmaceutical giant Pfizer, Inc., which was aspiring to buy British drug maker AstraZeneca Plc, reported Tuesday a profit for the second quarter that plunged 79 percent from last year, which reflected hefty gains from animal health business sales. Total revenues declined 2 percent, as it continued to be hurt by generic competition for major drugs. Home improvement and building products company Masco Corp. said Monday after the markets closed that its second quarter profit jumped 78% from last year, as revenue increased and margins improved amid strong performance of its Plumbing Products, Installation and Other Services and Decorative Architectural Products segments.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.