Three Banks Close By Federal Regulators

Regulators in Arizona,  Kansas and Florida has close three bank on Friday. This bring the number of failed banks to 130.

Valley Capital Bank  based in Phoenix suburb of Mesa,Az. with $40.3 million in assets  and $41.3 in deposits. Enterprise Bank and Trust of  Clayton, MO in the Saint Louis area will take over Valley Capital assets and deposits. Valley Capital sole branch becomes a branch of Enterprise Bank and Trust.

Solutions Banks based in Overland Park, KA had $511.1 milion in assets and $421.3 in deposits. Fayetteville,AR based Arvest Bank will take over Solutions Bank. Solutions  six branches which closed on Friday was re-open as branches of  Arvest Bank.

Republic Federal Bank based in Miami closed on Friday.  Republic Federal has $433 million assets and $352.7 million in deposits. 1st United Bank based in Boca Raton, FL  will assume Republic Federal deposits and Assets . Republic Federal four bank branches which is only in Miami-Dade County became 1st United Bank branches on Saturday. This will expand 1st United coverage into the highly competitive Miami-Dade County Market.

AP via My Way News

Kansas City Star


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