Sherman County Bank
Who: Sherman County Bank
What: 10th bank failure of 2009 (Feb. 13, 2009)
Where: Loup City, Nebraska
Why: Bad lending practices.
Fast Facts: Heritage Bank, Wood River, Nebraska assumed all deposits from Sherman County Bank; as of February 12, 2009, Sherman County Bank had total assets of approximately $129.8 million and total deposits of $85.1 million. Heritage Bank will pay the FDIC a premium of six percent. The last bank to fail in Nebraska was Equitable Savings and Loan, Columbus, on February 16, 1990. As of February 18, the Nebraska Attorney General's office was investigating the Sherman County Bank's failure for possible criminal acts by the lending personnel.