Ohio Bank Shuts Down in 8th Closure of 2014

Columbia Savings Bank of Cincinnati, Ohio, was closed by the Ohio Division of Financial Institutions, which appointed FDIC as receiver. The FDIC entered into a purchase and assumption agreement with United Fidelity Bank of Evansville, Indiana, to assume the failed bank's deposits.

As of March 31, 2014, Columbia Savings Bank had roughly $36.5 million in total assets and $29.5 million in total deposits. In addition to all of its deposits, United Fidelity Bank has agreed to purchase all of the failed bank's assets.

FDIC estimated that the cost to the Deposit Insurance Fund (DIF) will be $3.5 million. Compared to other alternatives to resolve the bank's failure, United Fidelity Bank's acquisition was the least costly resolution for the DIF.

Columbia Savings Bank is the eighth FDIC-insured institution to fail this year, and the first in Ohio. The last bank to fail in the state was Bramble Savings Bank in Milford, Ohio, in September 2010.