State and federal regulators have closed the doors on two more community-based lenders in Nebraska and Utah, bringing this year's ""tally of failed banks"":http://www.fdic.gov/bank/individual/failed/banklist.html to 87.
[IMAGE]""Mid City Bank, Inc."":https://www.midcitybankonline.com/home/home in Omaha has been closed. It operated five branch locations, with $105.5 million in deposits and assets totaling $106.1 million.
The FDIC brokered a deal with Nebraska's Purdum State Bank to take over the failed lender's deposits and purchase all of its assets. The federal agency notes that Purdum
[COLUMN_BREAK]State Bank has changed its name to Premier Bank, effective on Saturday, November 5.
Mid City Bank is the first FDIC-insured institution to go under in Nebraska since June of last year. Its closing is expected to cost the FDIC $12.7 million.
In Saint George, Utah, it was ""SunFirst Bank"":http://www.sunfirstbank.com/ that found regulators at its doors Friday evening. SunFirst had three branches, $169.1 million in deposits, and $198.1 million in assets.
""Cache Valley Bank"":http://www.cachevalleybank.com, based out of Logan, Utah, has agreed to assume ""most of the deposits"" of SunFirst Bank and purchase approximately $177.3 million of its assets, according to a statement from the FDIC.
The FDIC will retain approximately $15 million in deposits that may be subject to external litigation involving SunFirst Bank. The federal agency is also holding on to $20.8 million of the failed institution's assets for later disposition.
The FDIC and Cache Valley Bank entered into a loss-share transaction on $128.9 million of the assets acquired from SunFirst Bank. Its closing will cost the FDIC an estimated $49.7 million.