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, February 15, 2013
Unlucky Number Thirteen Fails
Late yesterday evening thirteenth-ranked Covenant Bank, Chicago of Illinois, was closed by the Illinois regulators. The approximately $58.4 million in total assets bank was acquired by Liberty Bank and Trust Company (1215th) of New Orleans, Louisiana. in addition to the assets, Liberty assumed approximately $54.2 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $21.8 million.
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