TierOne Bank of Lincoln, Neb., along with two smaller institutions, failed Friday, according to the Federal Deposit Insurance Corporation (FDIC).
As of June 5, 81 banks have failed so far in 2010. Banks are going under at a faster pace than they did in 2009: A total of 140 institutions failed last year.
TierOne Turned Over to Great Western
TierOne, which operated 69 branches in 43 cities across Nebraska, Kansas and Iowa, was folded into Great Western Bank, based in Sioux Falls, S.D.
TierOne, which claimed $2.8 billion in assets, was the largest bank to fail since the May 14 shuttering of Midwest Bank and Trust. The FDIC will contribute $297.8 million from its Deposit Insurance Fund (DIF) to help close TierOne.
Two Community Banks Close
First National Bank of Rosedale, Miss., and Arcola Homestead Savings Bank both closed Friday.
First National Bank was the larger of the two, controlling $60.4 million in total assets at one branch. The Jefferson Bank of Fayette, Miss., will take over that branch, and reopen Monday, June 7.
Arcola Homestead Savings Bank, with $
17 million in total assets, was the smallest U.S. bank to fail so far this year. The FDIC could not find another bank to purchase Arcola, meaning the agency will mail checks for customers’ insured deposits next week.
For a full rundown of 2010 U.S. bank closures, click here.
To read more information about the failed banks, visit http://www.fdic.gov.
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Tags: Bank, Tierone Bank
Posted June 4, 2010 by Hanna Silver under Financial News