IOWA BANK BECOMES 34TH TO FAIL THIS YEAR
The deposits of the failed First
State Bank of Rockford, Iowa, were assumed by First Security
Bank and Trust Co of Charles City, Iowa, the Federal Deposit
Insurance Corp (FDIC) said.
    The FDIC said it acted after First State, with 15.1 mln
dlrs in assets, was closed today by Iowa Banking Superintendent
William Bernau. It was the 34th U.S. bank to fail this year,
and the 12th agricultural bank.
    To facilitate the transaction, the FDIC said it would pay
the assuming bank 4.1 mln dlrs and retain assets of the failed
bank valued at 4.8 mln dlrs.
 Reuter
