HERE WE GO.. ANOTHER FRIDAY ANOTHR BANK GETS SHUT DOWN
Regulators shutter small Wyoming bank, bringing this year's failed bank tally to 53
NEW YORK (AP) -- Regulators on Friday shut Bank of Wyoming, marking the 53rd failure this year of a federally insured bank.
The Federal Deposit Insurance Corp. was appointed receiver of the failed bank, based in Thermopolis, Wyo. It had $70 million in assets and $67 million in deposits as of June 30.
The FDIC says Central Bank & Trust of Lander, Wyo., will assume all deposits and purchase about $55 million in assets. The FDIC will retain the remaining assets to sell later.
Bank of Wyoming's only location will become a branch of Central Bank & Trust. Bank of Wyoming accounts will automatically become depositors of Central Bank.
Customers with questions can call the FDIC at 866-806-6128.
The 53 banks closed this year in the U.S. compare with 25 in 2008 and just three in 2007. Rising unemployment and a still-weak housing market have hit banks with higher loan losses and falling asset values.
The FDIC expects that the cost to the deposit insurance fund from the failure of Bank of Wyoming will be $27 million.