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Columbian Bank and Trust of Kansas Closed by U.S. Regulators

Posted By admin On August 24, 2008 @ 10:49 am In Money Watch | Comments Disabled

Alison Vekshin and Ari Levy
Bloomberg [1]
Sunday, Aug 24, 2008

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.

Full article here [1]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=a9iX_1ShWWAs&refer=home

[2] Florida’s Freedom Bank Is 17th in U.S. to Be Closed This Year: http://www.prisonplanet.com/floridas-freedom-bank-is-17th-in-us-to-be-closed-this-year.html

[3] Integrity Bank Becomes 10th U.S. Failure This Year: http://www.prisonplanet.com/integrity-bank-becomes-10th-us-failure-this-year.html

[4] U.S. regulators seize two more banks, engineer sale: http://www.prisonplanet.com/us-regulators-seize-two-more-banks-engineer-sale.html

[5] Banks Seized by Regulators in Nebraska, Mississippi, Illinois: http://www.prisonplanet.com/banks-seized-by-regulators-in-nebraska-mississippi-illinois.html

[6] IndyMac Bank seized by federal regulators: http://www.prisonplanet.com/indymac-bank-seized-by-federal-regulators.html

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