Is 57 enough to make a headline: More Regional Banks Fail

The FDIC is having an incredibly busy year, having to close and deal with a total of 57 failed banking institutions. Seventeen institutions have now failed over the last three weeks alone, and the pace- and trend – doesn’t appear to be easing any time soon. That adds up to Billions of additional government dollars to fork out to insured deposit holders.

Failed Regional Banks are too small to make headlines, especially on page ‘one' of most newspapers, but many believe that they represent the average Joe-working class.

But is 57 enough to make a headline?

The Federal Deposit Insurance Corp. (FDIC) is the insurance arm of the government designed to protect depositors from failing financial institutions.

Four More Bank Failures Hit Industry

"Closures bring an estimated cost of $1.1 billion to the FDIC.
Two Southern California banks — totalling over $3 billion in assets — succumbed to construction loan losses Friday evening, and the Federal Deposit Insurance Corp. endured another busy night.

Vineyard Bank, with $1.9 billion in assets, was closed after a deal for the Rancho Cucamonga-based institution fell through in late May. Regulators also closed $1.5 billion-asset Temecula Valley Bank, in Temecula, after investors had similarly backed away from saving it.

The failures — along with two closures of smaller institutions earlier in the night — brought an estimated cost of $1.1 billion to the FDIC."
By Joe Adler, American Banker




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