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Economy
In reply to the discussion: Weekend Economists Waiting for FDR July 13-15, 2012 [View all]Demeter
(85,373 posts)1. ONE BANK DOWN
Glasgow Savings Bank, Glasgow, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Regional Missouri Bank, Marceline, Missouri, to assume all of the deposits of Glasgow Savings Bank.
The sole branch of Glasgow Savings Bank will reopen on Saturday as a branch of Regional Missouri Bank...As of March 31, 2012, Glasgow Savings Bank had approximately $24.8 million in total assets and $24.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Regional Missouri Bank agreed to purchase essentially all of the assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $0.1 million. Compared to other alternatives, Regional Missouri Bank's acquisition was the least costly resolution for the FDIC's DIF. Glasgow Savings Bank is the 33rd FDIC-insured institution to fail in the nation this year, and the first in Missouri. The last FDIC-insured institution closed in the state was Sun Security Bank, Ellington, on October 7, 2011.
$100K IS HARDLY WORTH MENTIONING...
The sole branch of Glasgow Savings Bank will reopen on Saturday as a branch of Regional Missouri Bank...As of March 31, 2012, Glasgow Savings Bank had approximately $24.8 million in total assets and $24.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Regional Missouri Bank agreed to purchase essentially all of the assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $0.1 million. Compared to other alternatives, Regional Missouri Bank's acquisition was the least costly resolution for the FDIC's DIF. Glasgow Savings Bank is the 33rd FDIC-insured institution to fail in the nation this year, and the first in Missouri. The last FDIC-insured institution closed in the state was Sun Security Bank, Ellington, on October 7, 2011.
$100K IS HARDLY WORTH MENTIONING...
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