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Banking Division Takes Over BANKFIRST

July 17, 2009, 5:48 PM

 
The South Dakota Revenue Department said the state has taken possession of BANKFIRST, Sioux Falls and
placed it under control and management of the FDIC.

State Banking Director Roger Novotny said the FDIC has made agreements with several other banks to assume certain assets and deposits and to service loans. 

Novotny said BANKFIRST focused on large, complex loans in high growth metropolitan or urban areas nationwide. When loan losses mounted, the bank's capital fell to an unsafe level.

Novotny said the closing is not a reflection of weakness in the state's banking system or economy and is the first time in more than 20 years that the Division of Banking has had to close a bank.

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