53rd U.S. Bank Failure Happens in Wyoming
July 11, 2009 by Mark Ellis
Filed under Business
There have now been three more bank failures than there are states in the United States, and bank failure number 53 has taken place in a state that has not experienced a single bank failure since 1991. The Bank of Wyoming, based in Thermopolis, was closed yesterday by federal regulators.
According to the Federal Deposit Insurance Corporation, Lander, Wyoming’s Central Bank and Trust has agreed to assimilate Bank of Wyoming’s deposits. Bank of Wyoming was responsible for $70 million worth of assets and $67 million in deposits.
The FDIC will be forced to pay about $27 million out of its insurance fund at a time when the global economic crisis weakens financial institutions across the globe. As Wyoming is the least populous state in the country, Bank of Wyoming is not a very large bank in the grand scheme of things. However, all bank failures have far-reaching consequences in their community and beyond.
Laramie, Wyoming (Image: Flickr)
