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Tuesday, September 08, 2009

Iowa Independent: Iowa has its first bank failure in nearly a decade

Excerpted from this post at Iowa Independent

A Sioux City bank founded in 1923 was one of five banks closed by
regulators on Friday evening. The closure marks the first bank failure
in Iowa in nearly a decade. Vantus Bank, which had $458 million in
assets and $368 million in deposits, was closed by the Federal Deposit
Insurance Corp., an independent agency tasked with maintaining
stability and public confidence in the financial system. Great
Southern Bank, a subsidiary of Great Southern Bancorp. Inc., entered
into an agreement with the Federal Deposit Insurance Corporation
(FDIC) to assume all of the deposits and certain assets of Vantus. A
such, all branches and offices of Vantus opened on Saturday as
branches of Great Southern Bank.

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Mike Schramm
Andy Szal

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