Regulators have shut Warren Bank in Michigan and and two small banks in Colorado and Minnesota. These closures bring the total to 98 banks closed this year.
Regulators also moved to shut the much smaller Jennings State Bank, in Minnesota. Central Bank agreed to assume the bank's $52.4 million in deposits and essentially all the bank's assets. The FDIC estimates the closing of Jennings State Bank will cost the deposit insurance fund about $11.7 million. A third bank, the Southern Colorado National Bank in Colorado was also clsoed. Legacy Bank agreed to assume the deposits and essentially all the assets of Southern Colorado National Bank. The FDIC said the closing will cost the deposit insurance fund about $6.6 million.
Risk: FDIC, banks, credit, SME