Friday Failure ll

Oops, I missed one last night. Hurrying too much to get out and about.

The FDIC also shut down the Bank of Clark County in Vancouver, Washington. From MarketWatch here are the details:

Also on Friday, the Bank of Clark County, Vancouver, Wash. was shut down and the FDIC was named receiver. The FDIC said Umpqua Bank 4:00pm 01/16/2009 , based in Roseville, Ore., will assume the insured deposits.
Bank of Clark County had total assets of $446.5 million and total deposits of $366.5 million. At the time of closing, there were approximately $39.3 million in uninsured deposits held in approximately 138 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.
Umpqua will not assume the approximately $117.8 million in brokered deposits. The FDIC will pay the brokers directly for the amount of their insured funds.
A death of a thousand cuts.
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