FIs Closed: Polk County Bank, Johnson, Iowa, USA
On Friday, 18 November, 2011, Polk County Bank, Johnston, Iowa, USA was closed by the Iowa Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
The three branches of Polk County Bank have re-opened on Saturday as branches of Grinnell State Bank.
As of 30 September, 2011, Polk County Bank had approximately USD91.6 million in total assets and USD82.0 million in total deposits.
No premium was paid for the deposits or assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD12.0 million.
Polk County Bank is the 89th FDIC-insured institution to fail in the USA this year and the first in Iowa.
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