• 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.