On Friday, the OTS closed Vantus Bank, headquartered in Sioux City, Iowa, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, headquartered in Springfield, Missouri, to assume all the deposits of Vantus Bank.

As of August 28, 2009, Vantus Bank had total assets of $458 million and total deposits of approximately $368 million. Great Southern Bank also agreed to purchase approximately $387 million of the failed bank’s assets, with the FDIC retaining the remaining assets for later disposition. The FDIC and Great Southern Bank entered into a loss-share transaction on approximately $338 million of Vantus Bank’s assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $168 million. Vantua Bank is the 87th bank to fail in the nation this year and the first in Iowa.