Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the nation’s ninth bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices.
The bank, with $752 million in assets and $622 million in total deposits, was shuttered by the Kansas state bank commissioner’s office and the Federal Deposit Insurance Corp., the FDIC said yesterday in a statement.
Citizens Bank and Trust will assume the failed bank’s insured deposits. Columbian Bank’s nine branches will open Aug. 25 as Citizens Bank and Trust offices, the FDIC said. Customers can access their accounts over the weekend by writing checks or using ATM or debit cards.
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“There is no need for customers to change their banking relationship to retain their deposit insurance coverage,” the FDIC said.
The pace of bank closings is accelerating as financial firms have reported more than $500 billion in writedowns and credit losses since 2007. The FDIC’s “problem” bank list grew by 18 percent in the first quarter from the fourth, to 90 banks with combined assets of $26.3 billion.
August 24th, 2008 at 3:32 pm
they should have been buying Gold
not
August 26th, 2008 at 10:03 am
holy shit this wasn’t even reported in the mainstream news people have no idea what we are all in for buy gold bullion from midas or go to bullionvault.com this is getting serious
August 26th, 2008 at 12:28 pm
Hurray!
Another one down… so many more to go!
Is there anything we can do to help this process? Pull our FRNs from the banking system? Declare bankruptcy? Purposely default on our loans?
Hurray! Another one bites the dust!