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Regulators Seize Lenders in Nebraska and Utah

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.

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""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

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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.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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