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Economy
In reply to the discussion: Weekend Economists Reminisce: Black Monday October 19, 1987-2012 [View all]Demeter
(85,373 posts)8. And Another at 8 PM
Excel Bank, Sedalia, 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 Simmons First National Bank, Pine Bluff, Arkansas, to assume all of the deposits of Excel Bank.
The four branches of Excel Bank will reopen during their normal business hours beginning Saturday as branches of Simmons First National Bank...As of June 30, 2012, Excel Bank had approximately $200.6 million in total assets and $187.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.
The FDIC and Simmons First National Bank entered into a loss-share transaction on $126.6 million of Excel Bank's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $40.9 million. Compared to other alternatives, Simmons First National Bank's acquisition was the least costly resolution for the FDIC's DIF. Excel Bank is the 46th FDIC-insured institution to fail in the nation this year, and the third in Missouri. The last FDIC-insured institution closed in the state was Truman Bank, St. Louis, on September 14, 2012.
The four branches of Excel Bank will reopen during their normal business hours beginning Saturday as branches of Simmons First National Bank...As of June 30, 2012, Excel Bank had approximately $200.6 million in total assets and $187.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.
The FDIC and Simmons First National Bank entered into a loss-share transaction on $126.6 million of Excel Bank's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $40.9 million. Compared to other alternatives, Simmons First National Bank's acquisition was the least costly resolution for the FDIC's DIF. Excel Bank is the 46th FDIC-insured institution to fail in the nation this year, and the third in Missouri. The last FDIC-insured institution closed in the state was Truman Bank, St. Louis, on September 14, 2012.
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