Capital Briefs: Bank Failure in Montana Is Third This Year

Marking the third bank failure this year, $15 million- asset Q Bank of Fort Benton, Mont., was closed Aug. 7.

The Federal Deposit Insurance Corp. received four bids for the bank's assets and deposits. With the winning bid, United Financial Corp. of Great Falls, Mont., will pay a premium of $445,000 for Q Bank's insured deposits and buy $2.5 million of its assets. The former bank's two branches reopened Monday as Heritage State Bank, a newly chartered subsidiary of United Financial.

The FDIC estimated the cost of resolving Q Bank at $1.3 million. Coincidentally, the agency said $1.3 million that was in 140 of the failed bank's accounts exceeded the federal deposit insurance limit of $100,000.

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