On Friday, the Missouri Division of Finance closed Bank of Leeton, headquartered in Leeton, Missouri, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Sunflower Bank, National Association, headquartered in Salina, Kansas, to assume all of the deposits of Bank of Leeton.
As of December 31, 2009, Bank of Leeton had approximately $20.1 million in total assets and $20.4 million in total deposits. Sunflower Bank will pay the FDIC a premium of 0.59% to assume all of the deposits of Bank of Leeton. The FDIC will retain most of the assets from the failed bank for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $8.1 million. Bank of Leeton is the sixth FDIC-insured institution to fail in the nation this year and the first to fail in Missouri since Gateway Bank in November 2009.