Friday Finds Five Failed Banks

Five banks were shut down by federal regulators on Friday. Those five failed banks were located in four states — Illinois, Arizona, Iowa and Missouri. So far in 2009, the number of failed banks stands at 89.

Illinois was home to two of the failed banks — InBank, based in Oak Forest and Platinum Community Bank, based in Rolling Meadows. Arizona’s failed bank was First State Bank, based in Flagstaff. Vantus Bank, based in Sioux City, was the Iowa failed bank, while First Bank of Kansas City was Missouri’s failed bank.

Those with accounts in InBank will see their accounts assumed by MB Financial Bank, which is based in Chicago. Platinum Community Bank, on the other hand, won’t be assumed by another financial institution. Instead, the FDIC will pay out the insurance on the deposits.

California’s Sunwest Bank has acquired First State Bank’s accounts. Great American Bank, based in the state of Kansas, will take over for First Bank of Kansas City, while Great Southern Bank of Missouri will assume the deposits in Vantus Bank.

Of Friday’s failed banks, Vantus bank was the largest and First Bank of Kansas City was the smallest.

Failed Banks (Image: Flickr)