WASHINGTON — The year's failure total hit 25 Friday night, as regulators closed institutions in Nevada and Missouri.
State regulators closed $270.9 million-asset Great Basin of Nevada, in Elko. The Federal Deposit Insurance Corp. said all of the failed bank's $221 million in deposits would be transferred to Nevada State Bank in Las Vegas.
Earlier, the Office of Thrift Supervision closed $181 million-asset American Sterling Bank in Sugar Creek, Mo. Metcalf Bank, in Lee's Summit, agreed to assume all $172 million of the failed thrift's assets, the FDIC said.
With the two insolvencies, failures in 2009 have now matched the total for all of last year.
In both failures Friday night, the acquirers also agreed to take over the vast majority of the closed institution's assets, with the FDIC committing to share in some of the losses.
Nevada State Bank agreed to acquire about 93% of Great Basin's assets. The buyer entered into a loss-sharing deal with the FDIC for $143 million of the assets.
Metcalf also agreed to buy 96% of American Sterling's assets. The FDIC entered into a loss-sharing agreement with the acquirer on roughly $100 million of the failed thrift's assets.
The FDIC said each failure was estimated to cost the Deposit Insurance Fund $42 million.
