Bank Failures: Two More Just Bit the Dust
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FacebookThe other day, I wrote about the recent history of bank failures in the United States. Unfortunately, just over a week later, the graphic that I put together is already out of date… Just yesterday, the FDIC announced that two more banks failed:
The 28 branches of 1st National Bank of Nevada and First Heritage Bank N.A., operating in Nevada, Arizona and California, were closed late Friday by federal regulators.
According to the FDIC, the banks will re-open on Monday as Mutual of Omaha Bank branches. This move will allow all depositors — even those with funds in excess of FDIC insurance limits — to retain “the full amount of their deposits.” In fact, account holders will even be able to access their funds this weekend by writing checks or using their ATM cards.
All in all, this was a pretty painless resolution. Interestingly, neither of these banks were on the list of ten banks at greatest risk of failure. It’s going to be interesting to see how this shakes out over the coming months.
If you’re feeling nervous, you might want to check out my list of the safest online banks based on Bankrate’s Safe & Sound ratings.
Published on July 26th, 2008 - 4 Comments
Filed under: Banking, Economy
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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Comment by Sam — Jul 27th 2008 @ 12:51 amhttp://globaleconomicanalysis......ng-of.html
I don’t think there is anything to be nervous about but it is going to be interesting on how this all shakes out.
Comment by Mark Nelson — Jul 27th 2008 @ 6:10 amIs it just me or does the FDIC always take over banks on Fridays? Is this to give people a few days to cool off, understand their options, and decide what to do on Monday morning rather than closing on a Tuesday and having 400 people in line first thing Wednesday morning?
When my back closed last year I found out about it with a giant FDIC notice in place of the regular website (this was late Friday afternoon I might add…). But the bank was open for most regular business again on Monday morning and everything transitioned very smoothly to ING.
Comment by MITBeta @ Don't Feed The Alligators — Jul 27th 2008 @ 8:23 amOne good option for people with the (very good) problem of wanting to have deposits in excess of $100,000 is CDARS. You can check it out at cdars.com .
As long as everyone keeps their money under the insured limits, there should be no need to stress out.
Comment by Nate — Jul 27th 2008 @ 9:34 am