Bank Failure Friday - 3 more down. $310+ million cost to taxpayers.

A little over $310 million cost to FDIC for the 3 banks, TierOne Bank being the largest.

[link to www.fdic.gov]


TierOne Bank - Lincoln, Nebraska

[link to www.fdic.gov]

[link to www.fdic.gov]

As of March 31, 2010, TierOne Bank had approximately $2.8 billion in total assets and and $2.2 billion in total deposits. Great Western Bank will pay the FDIC a premium of 1.5 percent to assume all of the deposits of TierOne Bank. In addition to assuming all of the deposits of the failed bank, Great Western Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $297.8 million. Great Western Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. TierOne Bank is the 81st FDIC-insured institution to fail in the nation this year, and the first in Nebraska. The last FDIC-insured institution closed in the state was Sherman County Bank, Loup City, on February 13, 2009.


Arcola Homestead Savings Bank - Arcola, Illinois

[link to www.fdic.gov]

[link to www.fdic.gov]

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.2 million. Arcola Homestead Savings Bank is the 80th FDIC-insured institution to fail in the nation this year, and the twelfth in Illinois. The last FDIC-insured institution closed in the state was Midwest Bank and Trust Company, Elmwood Park, on May 14, 2010.


First National Bank - Rosedale, Missouri

[link to www.fdic.gov]

[link to www.fdic.gov]

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $12.6 million. The Jefferson Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. First National Bank is the 79th FDIC-insured institution to fail in the nation this year, and the first in Mississippi. The last FDIC-insured institution closed in the state was Bank of Falkner, Falkner, on September 29, 2000.