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Thursday, October 04, 2007

Regulators Close Smalltown Ohio Bank: First In State To Fail Since 2002

COLUMBUS (TDB) -- A bank with two branches in rural Ohio was closed today by state regulators. Officials said the Miami Valley Bank operated in Lakeview, a community with about 1,000 residents between Bellefontaine and and Wapakoneta. State lawyers got a court order at 2 p.m. in Logan County that declared the bank was operated in an unsafe and unsound condition.

Officials said the bank had about $76 million in deposits and that all but $14 million were covered by FDIC insurance. The FDIC said: "The failed banks two offices will reopen tomorrow of brances of the Citizens Banking Company (Sandusky). Depositors of of Miami Valley will automatically become depositors of the assuming bank."

Information from the FDIC is available here, including an estimate that the insurance fund will take a $3 million hit.

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