Material Loss Review of The Columbian Bank and Trust Company, Topeka, Kansas. Audit Report

摘要

On September 11, 2008, the FDIC notified the OIG that Columbians total assets at closing were $726 million, with a material loss to the Deposit Insurance Fund (DIF) estimated at $61.5 million. As of December 31, 2008, the estimated loss to the DIF increased to $232 million. The audit objectives were to (1) determine the causes of the financial institutions failure and resulting material loss to the DIF and (2) evaluate the FDICs supervision of the institution, including implementation of the Prompt Corrective Action (PCA) provisions of section 38. This report presents the FDIC OIGs analysis of Columbians failure and the FDICs efforts to require Columbians management to operate the bank in a safe and sound manner.