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, January 11, 2013
Number Four Bank Fails
After a month-long vacation, the protectors of the safety and soundness of commercial banking were back at work closing the fourth-ranked Westside Community
Bank of University Place, Washington. To protect the
depositors, Sunwest Bank (4735th) of Irvine, California, agreed to assume all of the approximately $96.5 million in total deposits. In addition, they agreed to acquire the approximately $97.7 million in total assets of the former Westside Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $20.3 million.
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