Friday, October 24, 2008

FDIC: Press Releases - PR-106-2008 10/24/2008

FDIC: Press Releases - PR-106-2008 10/24/2008

Stearns Bank, National Association (Saint Cloud, MN) Acquires the Insured Deposits of Alpha Bank & Trust, Alpharetta, GA

I'm surprised that:

(1) A relatively small bank in MN is going to acquire this.
(2) The cost to the FDIC Insurance fund is so high - 158 Million.
(3) There aren't more smaller banks failing.

I think that 2 or 3 may indicate that the FDIC is way behind in closing banks. They are closing the worst one first which is why the cost to the fund is so high.

Comments?

2 comments:

Anonymous said...

Dan: Long time reader, first time writer. How does your obsession with bank closures relate to your blog topics of running and drum bands? Anxiously waiting your reply,

Mom

Dan Deuhs said...

Dear anonymous:

Thanks for reading. Please do me a favor and click on the advertising. I am two clicks away from getting a all expense paid trip for two to the mini golf capital of the world at the Mall of America.

I post about the bank failures because Lucy like to get on top of them. I don't know why.

Dan