Three more banks failed on Friday, bringing the year’s total to 133. The FDIC estimates Friday’s failures will cost its insurance fund a combined $252.1 million. While the failures represent another hit to the FDIC’s depleted fund, they are a boon to three companies that acquired the assets and deposits of the closed institutions.
The first to go for the day was Republic Federal Bank of Miami, Florida. The bank had total assets of approximately $433 million and deposits of approximately $352.7 million. 1st United Bank of Boca Raton assumed all the deposits of the failed bank, paying the FDIC a premium of 1.2 percent for them. It also purchased $267.1 million of the failed bank’s assets including loans, cash and marketable investment securities.
2 comments:
I suppose thats Obama's fault as well.
6:46 of course it is. So is false global warming, Tiger Woods and Redskins' performance.
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