Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, October 26, 2012
Nova Bank Is No Longer
118th-ranked NOVA Bank of Berwyn, Pennsylvania was closed today by the FDIC. Unlike most closings, no acquirer could be found to acquire the approximately $483.0 million in total assets and $432.2 million in total deposits of the former bank. As a result, The FDIC will act as receiver and will retain all the assets from NOVA Bank for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $91.2 million.