Posted by Jack
If you have over 100k in the bank…that overage is not insured.
The Federal Deposit Insurance Corp. was appointed receiver of Columbian Bank of Topeka, Kan., which had $752 million in assets and $622 million in deposits as of June 30.
The FDIC said the bank’s deposits will be assumed by Citizens Bank and Trust of Chillicothe, Mo. Its nine offices will reopen Monday as branches of Citizens Bank. Depositors of Columbian Bank will continue to have full access to their deposits, the agency said.
It was the ninth failure this year of an FDIC-insured bank.
That compares with three failures in all of 2007. More banks are in danger of failing this year, agency officials have said.
The FDIC estimated the resolution of Columbian Bank will cost the deposit insurance fund around $60 million.
Regular deposit accounts are insured up to $100,000.
There was about $46 million in uninsured deposits held in 610 accounts at Columbian Bank that potentially exceeded the insurance limit, the FDIC said.