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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



Wyoming Bank Seized

State shuts down Bank of Wyoming

July 13, 2009

By MortgageDaily.com staff


State regulators closed a small Wyoming bank Friday. Last year, the institution faced a federal cease-and-desist order.

The State of Wyoming, Department of Audit, Division of Banking, shut down Bank of Wyoming on Friday, according to a statement from the Federal Deposit Insurance Corporation -- which was named receiver.

Bank of Wyoming was located in Thermopolis,Wyo. It was established in 1978 and employed just 22 people as of March 31.

On Oct. 17, 2008, it faced an FDIC cease-and-desist order.

That order said the bank's management was jeopardizing the institution, while the board failed to adequately supervise and direct management. It also required that Bank of Wyoming hire a qualified and experienced chief executive officer and senior lending officer.

Central Bank & Trust agreed to assume all of the failed institution's $67 million in deposits as of June 30. Around $8 million in brokered deposits will be paid directly to the brokers.

Central also agreed to acquire around $55 million of Bank of Wyoming's $70 million in assets -- which included $9 million in home loans, $12 million in commercial mortgages and $14 million in construction-and-land-development loans.

The FDIC expects to lose $27 million as a result of Bank of Wyoming's failure.

The latest collapse brings to 53 the number of federally insured banks to fail so far this year. MortgageDaily.com has tracked the closing of 97 mortgage-related operations during 2009.
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