Number of US banks gone bust this year has reached 72 as Federal Deposit Insurance Corporation (FDIC) announced that it is closing another three Banks. There are currently 305 more financial institutions that are near collapse and FDIC is actively monitoring their operations. List of all banks closed by FDIC can be found here
The main benefit of FDIC is that Customers of these failed banks and institutions can still access their money by check, teller machine or debit card. Also it insure up to $250,000 per account.
First State Bank of Sarasota from Florida is the biggest causality with deposits of approx $387 million. It has been acquired by Stearns Bank, N.A. for little more than $450 million. Bank’s total assets are worth $463 million. Stearns Bank will assume the insured deposits of First State Bank and it’s nine branches will reopen on Monday as branches of Stearns Bank, N.A.
