WASHINGTON (Reuters) - Bank regulators closed a small Florida-based bank on Friday, the eighth U.S. bank to fail this year under pressure from a weak economy and a credit crisis precipitated by falling home prices.
The Federal Deposit Insurance Corp said First Priority Bank had $259 million in assets and $227 million in deposits and its failure will cost the federal fund that insures deposits an estimated $72 million.
SunTrust Banks Inc (NYSE:STI - News) has agreed to assume the insured deposits of First Priority, whose six branches will reopen Monday as branches of SunTrust Bank.
Emphasis added by me.
And boy, this one was high up in one of the two lists I referenced earlier:
Click = big
Notice this bit:
The agency also has running tally of problem banks that its examiners closely monitor. At the end of first quarter, 90 institutions were on that list.
The FDIC does not name the institutions on the list, which is expected to be updated this month for the second quarter.
Emphasis added by me.
Why wait for them to release their secrets? Protect yourself!
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