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October 5, 2007
Another Failed Bank
FDIC announced that Miami Valley Bank, Lakeview, Ohio was closed by the Ohio Department of Commerce, Division of Financial Institutions on Oct. 4 and FDIC was appointed Receiver. Insured deposits were assumed by Citizens Banking Company, Sandusky, Ohio.
Miami Valley Bank had only two offices, $86.7 million in total assets and $76 million in total deposits. Miami Valley had $14 million in 269 deposit accounts that exceeded the federal deposit insurance limit. The excess deposits were not assumed.
Loss to the Federal Deposit Insurance Fund is approximately $3 million.
This is the third bank failure this year -- after no bank failures for more than 2 years.
Link: http://www.fdic.gov/news/news/press/2007/pr07083.html
(ag) Oct. 5, 2007, in FDIC
October 5, 2007 in Federal Banking Agencies - FDIC | Permalink
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