Kansas Bank Commissioner J. Thomas Thull on Friday closed Topeka-based Columbian Bank & Trust Co., which had been struggling with more than $92 million in bad loans.
- Topeka Capital Journal
According to the same article the nine (5 in Topeka and 4 in the Kansas City area) branches will reopen Monday as branches of Citizens Bank and Trust of Chillicothe, Missouri.
The nine branches of Columbian Bank & Trust will reopen Monday as branches of Citizens Bank and Trust. Depositors of the failed bank will automatically become depositors of Citizens Bank and Trust. Deposits will continue to be insured by the FDIC.
- Topeka Capital Journal
According to the Wall Street Journal, regulators have warned of several more bank failures this year after a number of years of historically low levels.
According to the Topeka capital Journal, the new signs were scheduled to go up today (Saturday), but as I type this, the rain, lightening and thunder has moved in, making me wonder if it would even be possible to place those signs before Monday. The article also said that "this one" happened so quickly. Yet, I wonder, if it had so quickly, how did they find another bank (from another state) to come in and take over the assets and for them to get the nine signs made, without weeks (or months) of planning.
On Tuesday, the FDIC is scheduled to provide an updated number of the banks that were on its "problem" list as of June 30.
Wall Street Journal
As I peruse the major networks, this morning, I see that none of them seem to be caring this story (Although, the websites of ABC, NBC, and Fox mentioned it, CBS and CNN's website made no mention of it). Of course, it's not Southern California or the Northeast, so why would they care about this little bank in Kansas?
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go ahead share your thoughts with me now.
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$92 million in bad loans?
ReplyDeleteTry BILLIONS for WAMU, Wachovia, Citigroup, and others. When one of those goes bad, the landslide will tear them all down.
FDIC is technically broke.
Although Citigroup and Wachovia hasn't been shut down and haven't been listed as in trouble. So far WaMu's troubles have just been rumors.
ReplyDeleteI agree the FDIC could be in trouble, although in 2002 there was 12 failed banks, this year, there has only been 9 (so far).
Personally I use Credit Unions, which seem to be stable at the moment.
Wow, I didn't realise so many banks had gone down in the US. We have had one spectacular bank crash here in the UK, when Northern Rock was taken over by the government.
ReplyDeleteYou go for Credit Unions? I wouldn't even know where to look for one.
Hi Lisa...
ReplyDeleteto find credit Unions in the UK, I have found 3 sites to help find credit unions around the UK. Check them out, if you are interested in being a member (owner) of your financial institution.
http://tinyurl.com/6pz8vm
http://tinyurl.com/5drnrf
-and-
http://tinyurl.com/6gzn69