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Bailout
: Calculated RiskBank Failure #26: Centennial Bank, Ogden, Utah
By Anonymous
Death by one thousand small cuts
The Fed sanguinates
by Soylent Green is People
From the FDIC: FDIC Approves the Payout of the Insured Deposits of Centennial Bank, Ogden, Utah
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Centennial Bank, Ogden, Utah. ...Another bank that no one wanted ...The FDIC was unable to find another financial institution to take over the banking operations of Centennial Bank. ...
As of December 31, 2009, Centennial Bank had approximately $215.2 million in total assets and $205.1 million in total deposits. ...
Centennial Bank is the 26th FDIC-insured institution to fail this year and the second in Utah since Barnes Banking Company, Kaysville, was closed on January 15, 2010. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $96.3 million.
Full post as published by Calculated Risk on March 05, 2010 (boomark / email).
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