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Bank Failures #65 & 66: Florida and Minnesota

By Anonymous

Intravenous cash
Injections of capital
Could not save this bank

One thousand point drop
Ten thousand banks may yet fail
Is it time for gold?
by Soylent Green is People

From the FDIC: First Federal Bank of Florida, Lake City, Florida, Assumes All of the Deposits of The Bank of Bonifay, Bonifay, Florida

Bank of Bonifay, Bonifay, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2010, The Bank of Bonifay had approximately $242.9 million in total assets and $230.2 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million. ... The Bank of Bonifay is the 65th FDIC-insured institution to fail in the nation this year, and the tenth in Florida. The last FDIC-insured institution closed in the state was Riverside National Bank of Florida, Fort Pierce, on April 16, 2010.

From the FDIC: Prinsbank, Prinsburg, Minnesota, Assumes All of the Deposits of Access Bank, Champlin, Minnesota

Access Bank, Champlin, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2010, Access Bank had approximately $32.0 million in total assets and $32.0 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.5 million..... Access Bank is the 66th FDIC-insured institution to fail in the nation this year, and the fifth in Minnesota. The last FDIC-insured institution closed in the state was State Bank of Aurora, Aurora, on March 19, 2010.

Full post as published by Calculated Risk on May 07, 2010 (boomark / email).