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.
© 2009 Associated Press. All rights reserved. Material may not be redistributed.
3/3/2015 1:56 PM
Scott Adelman paid $70,000 for a 4,500-square-foot brick home in Fargo, but he has to move it out to nearby Horace.
2/27/2015 10:21 AM
Paul Ell of Big Lake, MN snagged a 11.6-pound, 29.5-inch walleye after 6 p.m. Thursday night.
2/27/2015 10:44 AM
A former Sioux Falls teacher pleads guilty to sexual contact charges for a relationship she had with a student.
3/1/2015 5:47 AM
Temperatures this morning are mostly in the single digits and teens with clouds moving out of the area. Some areas of southern KELOLAND could see some...
2/27/2015 5:58 PM
After more than a decade of eligibility and few brushes with history, South Dakota finally has its first-ever female participant at the state wrestlin...