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.