What’s On The Menu?
If you are the FDIC, it’s: FirstCity Bank, of Stockbridge, Ga, Teambank National Association of Paola, Kan., and Colorado National Bank of Colorado Springs, Colo.
CNN-Money tells us that 3 banks fail – 20 so far this year
NEW YORK (CNNMoney.com) — Bank regulators closed three banks Friday, marking the 18th, 19th and 20th failures this year.
The FDIC estimates that the combined cost of the bank failures to its deposit insurance fund will be approximately $207 million.
The FCUA [FDIC for credit unions] wasn’t quite as hungry: U.S. seizes 2 big credit unions
NEW YORK (CNNMoney.com) — The federal government, in its latest effort to prop up the financial system, took over two big wholesale credit unions Friday with combined assets of $57 billion.
U.S. Central Federal Credit Union in Lenexa, Kan., and Western Corporate Federal Credit Union in San Dimas, Calif., were placed under conservatorship “to stabilize the corporate credit union system and resolve balance sheet issues,” according to the National Credit Union Administration.
These are credit unions for corporate credit unions, and being corporate they gambled instead of invested their assets.
