Is Your Bank Safe (part 2 of 3)
Last weekend the FDIC seized three smaller banks. This makes a total of 98 banks that failed this year. The banks were Jennings State Bank (Spring Grove, MN), Warren Bank (Michigan) and Southern Colorado National Bank (Pueblo).
The FDIC is chief savior when banks fail. It monitors the financial health of banks. Whenever a bank collapses, the FDIC moves in to arrange auctions of their assets and debts to other banks and/or hedge funds.
Having been a customer of two early banking failures last year (a bank and a credit union), I can personally attest the FDIC process works well. But can the FDIC keep up it up?
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