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Bailout

: Calculated Risk

Bank Failure #4 in 2010: Barnes Banking Company, Kaysville, Utah

By Anonymous

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Hope, Change, have vanished
Crestfallen bank expiring
Mortally wounded
by Soylent Green is People

From the FDIC: FDIC Creates a Deposit Insurance National Bank of Kaysville, Utah to Protect Insured
Depositors of Barnes Banking Company, Kaysville, Utah
Barnes Banking Company, Kaysville, Utah, was closed today by the Utah Department of Financial Institutions, which appointed Federal Deposit Insurance Corporation (FDIC) as receiver. ....

The FDIC will mail checks directly to customers with CDs and IRAs. ...

As of September 30, 2009, Barnes Banking Company had $827.8 million in total assets and $786.5 million in total deposits. ...

The cost to the FDIC's Deposit Insurance Fund is estimated to be $271.3 million. Barnes Banking Company is the fourth bank to fail this year and the first in Utah. The last FDIC-insured institution closed in the state was America West Bank, Layton, on May 1, 2009.

No one wanted this one.

Full post as published by Calculated Risk on January 15, 2010 (boomark / email).

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