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Regulators seize 5 banks in 4 states

September 05, 2009|Times Wire Reports

Five banks in four states were seized by regulators late Friday, pushing the number of bank failures this year to 89.

Illinois lenders InBank of Oak Forest and Platinum Community Bank of Rolling Meadows; Vantus Bank of Sioux City, Iowa; First Bank of Kansas City, Mo.; and First State Bank of Flagstaff, Ariz., were seized, and the Federal Deposit Insurance Corp. was named receiver.

Closing the lenders, with total assets of $1.1 billion and deposits of $982 million, will cost the deposit insurance fund about $400 million, the FDIC said.

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