Imploded: BankFirst, Sioux Falls, South Dakota

BankFirst, Sioux Falls, South Dakota

July 17, 2009 – 3:35 pm

The FDIC has made it’s 55th seizure of 2009. The victim: BankFirst, Sioux Falls, South Dakota. The FDIC appointed Alerus Financial, National Association, Grand Forks, North Dakota, as receiver.

BankFirst, Sioux Falls, South Dakota, was closed today by the South Dakota Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, North Dakota, to assume all of the deposits of BankFirst.

Please visit the official FDIC webpage for BANKFIRST for more information.