Bank Ratings and Bank Failures November 4 2011
Posted by Howard Lothrop on Mon, Nov 07, 2011 @ 10:00 AM
On Friday November 4, the FDIC was named receiver for SunFirst Bank (UT) and Mid City Bank (NE).
A link to our bank ratings reports is shown below.
SunFirst Bank
Mid City Bank
As is typical, an examination of the financial position of Mid City Bank indicates well below normal capital levels and generally well above normal noncurrent loans.
SunFirst presents a slightly different set of issues with published reports indicating the bank did not have sufficient capital to operate in a safe and sound manner, compounded by the Federal indictment of the SunFirst Chairman for actions related to the processing of online poker payments.
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