Yesterday, the Office of the Comptroller of the Currency closed BC National Banks, headquartered in Butler, Missouri, and appointed the FDIC receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Community First Bank, headquartered in Butler, Missouri, to assume all of the deposits of BC National Banks.

As of December 31, 2009, BC National Banks had approximately $67.2 million in total assets and $54.9 million in total deposits. Community First Bank did not pay the FDIC a premium to assume all of the deposits of BC National Banks but did agree to purchase essentially all of the failed bank's assets. The FDIC and Community First Bank entered into a loss-share transaction on $37.9 million of BC National Banks' assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $11.4 million. BC National Banks is the 63rd FDIC-insured institution to fail in the nation this year, and the third in Missouri.