Bank Failure
BankFirst
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Closed July 17, 2009 · Sioux Falls, SD · FDIC Cert #34103.
- Closing date
- July 17, 2009
- Headquarters
- Sioux Falls, SD
- FDIC Certificate
- 34103
- Total assets at closing
- $210.8M
- Total deposits at closing
- $232.2M
- Estimated loss to the insurance fund
- $110.2M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Alerus Financial, N.A.
Context
On July 17, 2009, regulators closed BankFirst, headquartered in Sioux Falls, SD. At closing, the institution held approximately $210.8M in assets and $232.2M in deposits. The FDIC record names Alerus Financial, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $110.2M.
By assets at closing this is the 748th largest of the 3,526 bank failures in the FDIC record, and the 80th of 140 in 2009. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did BankFirst fail?
BankFirst was closed by regulators on July 17, 2009.
Who acquired BankFirst?
The FDIC record names Alerus Financial, N.A. as the acquiring institution in the resolution of BankFirst.
How big was BankFirst when it failed?
BankFirst had approximately $210.8M in total assets and $232.2M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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