Three banks in region closed by regulators

Three banks in the Midwest failed recently, bringing the total number of failed banks this year to 80, well behind the pace of bank failures last year. By mid-October 2010, 131 banks had failed..On Oct. 7, state authorities closed banks in Minnesota and Missouri. The Minnesota Department of Commerce closed RiverBank in Wyoming. Central Bank of Stillwater, Minn., picked up the failed bank's assets and deposits in a transaction facilitated by the FDIC. The transaction involved six branch offices, approximately $417.4 million in assets, and $379.3 million in deposits. The FDIC and Central Bank entered into a loss-share agreement on $339.3 million of the assets. The FDIC estimates the resolution of the RiverBank closing will cost the Deposit Insurance Fund $71.4 million. RiverBank was the second bank in Minnesota to fail this year. Rosemount National Bank was closed on April 15..Also on Oct. 7, the Missouri Division of Finance closed Sun Security Bank in Ellington, Mo. Great Southern Bank of Springfield, Mo., acquired essentially all of the assets and deposits of the failed bank in a transaction facilitated by the FDIC. Sun Security Bank had 27 branches, $355.9 million in assets, and $290.4 million in deposits. Great Southern Bank and the FDIC entered into a loss-share agreement on $351.9 million of the assets. FDIC estimates the cost to the DIF to be $118.3 million. Sun Security Bank was the first Missouri bank to fail this year..On Oct. 14, the Illinois Department of Financial and Professional Regulation, Division of Banking, closed the Country Bank in Aledo, Ill. Blackhawk Bank & Trust, Milan, Ill., acquired the bank's $167.5 million in deposits and $113.3 million of the failed bank's $190.6 million in assets. The FDIC is retaining the remainder of the assets for future disposition. The FDIC estimates the cost of the failure to the DIF to be $66.3 million. Country Bank was the eighth bank in Illinois to be closed this year.