I’m shocked.
I don’t say that with a cynical tone, I’m truly shocked. The FDIC closed down 7 banks today.
They are:
Partners Bank, a small bank in Naples, Fla., with $68.7 million in assets and $63.4 million in deposits.
The other banks that failed were Hillcrest Bank Florida, also based in Naples, which had $83 million in assets and $84 million in deposits; Flagship National Bank in Bradenton, Fla., with total assets of $190 million and total deposits of about $175 million; and American United Bank in Lawrenceville, Ga., with $111 million in assets and $101 million in deposits. Also failing were: Bank of Elmwood in Racine, Wis., with $327.4 million in assets and $273.2 million in deposits; Riverview Community Bank, based in Otsego, Minn., with $108 million in assets and total deposits of about $80 million; and First Dupage Bank in Westmont, Ill., with $279 million in assets and total deposits of $254 million.
- Partners Bank, Naples, Fla., with $68.7 million in assets and $63.4 million in deposits;
- Hillcrest Bank Florida, Naples, Fla., which had $83 million in assets and $84 million in deposits;
- Flagship National Bank, Bradenton, Fla., with total assets of $190 million and total deposits of about $175 million;
- American United Bank, Lawrenceville, Ga., with $111 million in assets and $101 million in deposits
- Bank of Elmwood, Racine, Wis., with $327.4 million in assets and $273.2 million in deposits;
- Riverview Community Bank, Otsego, Minn., with $108 million in assets and total deposits of about $80 million;
- First Dupage Bank, Westmont, Ill., with $279 million in assets and total deposits of $254 million.
The FIDC expects the above failures to cost the Deposit Insurance Fund roughly $356 million dollars. This video of Shelia Bair, chairman of the FIDC, states (in regards to insuring funds) “We are the government…we cannot run out of money.”
Usually when people in power tell me not to worry, that is the time to worry… just think of how many CEO’s have said “We are not going bankrupt” only to see the company go down the tubes a month later?
Frankly, at this very moment, I am not sure what to think.
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