FIs closed: Thunder Bank, Sylvan Grove, Kansas, USA
On Friday, 23 July, 2010, Thunder Bank, Sylvan Grove, Kansas was closed by the Office of the State Bank Commissioner, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Bennington State Bank, Salina, Kansas, to assume all of the deposits of Thunder Bank.
The two branches of Thunder Bank reopened on Monday as branches of The Bennington State Bank.
As of 31 March, 2010, Thunder Bank had approximately USD32.6 million in total assets and USD28.5 million in total deposits.
The Bennington State Bank did not pay the FDIC a premium for the deposits of Thunder Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund will be USD4.5 million. Compared to other alternatives, The Bennington State Bank's acquisition was the least costly resolution for the FDIC's DIF.
Thunder Bank is the 100th FDIC-insured institution to fail in the nation this year, and the first in Kansas.
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