THERMOPOLIS, Wyo. – Bank of Wyoming was closed Friday by state regulators, bringing the total number of failed banks this year to 53, the FDIC said.
The $70 million one-branch bank was the first failure in Wyoming this year. It will reopen Monday as a branch of Central Bank & Trust, which is based in Lander, Wyoming.
The failed bank had about $8 million in brokered deposits, which the FDIC said it will pay directly to the brokers.
The failure will cost the FDIC $27 million to resolve, bringing the FDIC fund's total cost for failed banks to $12.33 billion this year.
The number of bank failures so far this year has more than doubled last year's total of 25, with an average of almost nine failures per month.
Over the next five years, the FDIC expects to incur $70 billion in losses due to the failure of insured institutions.
