March 19, 2013
It appears the American Banking Association has decided to put out fires early…
While the crisis in Cyprus is a real concern for depositors in Cypriot’s banks, it has no implication for depositors in U.S. institutions. Depositors in U.S. banks are insured up to $250,000 and no insured depositor has ever lost money in a bank failure. The U.S. banking industry has rapidly returned to health with strong earnings, lower losses and significant increases in capital.
The FDIC insurance fund has over $25 billion in reserves and the banking industry – which bears all the financial costs of supporting the FDIC – pays over $12.3 billion each year to assure adequate funding.
Simply put, U.S. insured depositors are safe and their deposits are protected by a strong FDIC fund, a financially secure banking system and the full faith and credit of the U.S.
So, it seems, the basis for not worrying about US deposits is the rule of law and the deposit insurance? Remind us again what Cypriots thought they had?
Move along, nothing to see here …
July 31, 2011
Regulators Close Banks in South Carolina, Virginia, Indiana
Three more U.S. banks failed Friday, including the first this year in Virginia and Indiana, according to the Federal Deposit Insurance Corp.
With the latest failures, 61 banks have failed in 2011.
The FDIC said it was appointed the receiver of Integra Bank Corp.’s Integra Bank NA of Evansville, Ind.; Virginia Business Bank of Richmond, Va.; and BankMeridian NA of Columbia, S.C.
Integra Bank is the third-largest bank to fail.
February 24, 2010
The Federal Deposit Insurance Corporation is bracing for a new wave of bank failures that could cost the agency many billions of dollars and further strain its finances.
With bank failures running at their highest level in nearly two decades, the F.D.I.C. is racing to keep up with rising losses to its insurance fund, which safeguards savers’ deposits. On Tuesday, the agency announced that it had placed 702 lenders on its list of “problem” banks, the highest number since 1993.
February 2, 2010
Ready for the next financial meltdown? With Obama running the federal government and his already known skill in economics, you better be. Harden your savings with some facts, this from the FDIC …
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