- Wyoming Division of Banking Closes Bank of Wyoming
- July 17, 2009
- Law Firm: Alston & Bird LLP - Atlanta Office
Today, the Wyoming Department of Audit, Division of Banking closed Bank of Wyoming located in Thermopolis, Wyoming, and the FDIC was appointed receiver. Today’s failure represents the first FDIC-insured institution to be closed in Wyoming since 1991 and brings the total of failed banks in 2009 to 53.
As receiver of Bank of Wyoming, the FDIC entered into a purchase and assumption agreement with Central Bank & Trust, Lander, Wyoming, to assume all of the deposits of Bank of Wyoming – with the exception of approximately $8 million in brokered deposits held by Bank of Wyoming. Central Bank and Trust also agreed to purchase approximately $55 million of the failed banks assets and the FDIC will retain any remaining assets for later disposition. As of June 30, 2009, Bank of Wyoming had total assets of $70 million and total deposits of approximately $67 million. The FDIC estimates that the cost to the Deposit Insurance Fund will be $27 million.