Another bank found itself closed by the Government today. Integrity Bank of Alpharetta, Georgia, is the 10th to be shut down due to liquidity issues.
It turns out Integrity Bank was ordered to raise capital in May of this year but was unable to find the 40 million in financing they needed. As a result of the closure Regions Financial Corp. will purchase the roughly 34 million in deposits and continue to serve the failed bank’s customers.
Without a doubt, it must be scary to have your money in a bank that goes under. I would hate to be in that position myself. While institutions will continue to report losses as well as go under for the next year, this is not a financial collapse.
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