I guess the FDIC took a holiday during the fourth of July weekend because last weekend had no bank failures. On this Friday we had 4 bank failures, bringing the total to now 90 for the year. Last year at this time we were half that amount. Two banks failed in Maryland, one in New York and one in Oklahoma. The FDIC wasn’t able to find a buyer for Ideal Federal Savings Bank, but it was a very small bank with only $6 million in deposits. For the other three banks, the FDIC arranged for other banks to assume all deposits. Even deposits over the FDIC limit will be covered. Here is a list of the failed banks with links to the FDIC press release:
- Bay National Bank – Baltimore, MD
- Ideal Federal Savings Bank – Baltimore, MD
- USA Bank – Port Chester, NY
- Home National Bank – Blackwell, OK
No credit unions failed this week.
Related posts:
