Reply #1: AND TWO LITTLE BANKS FALL TONIGHT

[Demeter]

The RiverBank, Wyoming, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of The RiverBank.

The six branches of The RiverBank will reopen on Saturday as branches of Central Bank...As of June 30, 2011, The RiverBank had approximately $417.4 million in total assets and $379.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.

The FDIC and Central Bank entered into a loss-share transaction on $339.3 million of The RiverBank's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $71.4 million. Compared to other alternatives, Central Bank's acquisition was the least costly resolution for the FDIC's DIF. The RiverBank is the 75th FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution closed in the state was Rosemount National Bank, Rosemount, on April 15, 2011.


Sun Security Bank, Ellington, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Sun Security Bank.

The 27 branches of Sun Security Bank will reopen during their normal business hours beginning Saturday, and after the Columbus Day holiday all branches of Sun Security Bank will reopen on Tuesday as branches of Great Southern Bank...As of June 30, 2011, Sun Security Bank had approximately $355.9 million in total assets and $290.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Great Southern Bank agreed to purchase essentially all of the assets.

The FDIC and Great Southern Bank entered into a loss-share transaction on $351.9 million of Sun Security Bank's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $118.3 million. Compared to other alternatives, Great Southern Bank's acquisition was the least costly resolution for the FDIC's DIF. Sun Security Bank is the 76th FDIC-insured institution to fail in the nation this year, and the first in Missouri. The last FDIC-insured institution closed in the state was Premier Bank, Jefferson City, on October 15, 2010.