Columbian Bank and Trust Company - Bank Failures Continue
Author: Rob K. Blake | Date: August 22, 2008 | Filed In: Mortgage News
The Columbian Bank and Trust Company, Topeka, Kansas, failed August 22,2008 and the Federal Deposit Insurance Corporation (FDIC) was named receiver. Depositors accounts now sit with Citizens Bank and Trust of Chillicothe, Missouri.
The Columbian Bank and Trust Company had nine branches that will reopen as Citizens Bank and Trust branches come Monday. Depositors of the failed bank automatically become Citizens Bank and Trust depositors keeping their FDIC insurance in force.
At the of June, 2008, The Columbian Bank and Trust Company’s balance sheet stated total assets of $752 million and total deposits of $622 million. The FDIC estimates about $46 million in uninsured deposits were held in approximately 610 accounts that exceeded the $100,000 insurance limit.
I’d hate to be one of those 610 account holders who didn’t get the word on FDIC limits.
Boy if this isn’t the best lesson to never keep more than the FDIC limit in any one bank, I don’t know what is…
Good Luck!
Author: Rob K. Blake
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