- Closed Bank: Columbian Bank and Trust Company
- Location: Topeka, KS
- Size: 9 branches, $752 million assets, $622 million deposits
- Possible Uninsured Deposits: 610 accounts, $46 million
- Acquiring Bank: Citizens Bank and Trust, Chillicothe, Missouri
- Payments of Uninsured Deposits: No mention of any immediate payments
- Cost to Deposit Insurance Fund: $60 million (estimated)
- 2008 closures: 9th bank to be closed this year
- Financial Ratings: 2 stars (0=lowest) at BauerFinancial, 3 stars (1=lowest) at Bankrate.com
For those who have deposits over the insured limits, I don't see any mention of immediate payouts. In several past closures including IndyMac's failure, 50% of the uninsured deposits were paid.
When a bank is closed by the Feds, we can see how the financial rating services performed. In this case, BauerFinancial did a little better than Bankrate. BauerFinancial had given it 2 stars (problematic). The bank had 3 stars (performing) at Bankrate. As these ratings show, it's very hard to predict a closure based on ratings so it's best just to stay under the FDIC limits.
I was worried we may see another Friday bank failure after yesterday's FDIC press release titled How to Get a Good Night's Sleep with FDIC Insurance. I was thinking it might be intended to reduce the public's anxiety as more banks close. We'll see if any more banks fail today.
I looked back in my archives, and I don't seem to have any posts on this bank, and they weren't advertising any high rates on their website as of this afternoon.
The last bank failure was on August 1st, when a small Florida bank failed. Please see my Facts about FDIC and NCUA Post for more general info and references.