Bank Failure Friday
BankUnited wasn’t the only bank to fail this week. It’s a typical Friday. Two banks failed today.
Citizens National Bank, Macomb, IL — Total deposits of $400 million and an estimated cost to the FDIC fund of $106 million. Morton Community Bank will be taking over the deposits. About $200 million in brokered deposits will not be transferred. Hope they were under the FDIC insurance limit.
Strategic Capital Bank, Champaign, IL — Total deposits of $471 million and an estimated cost to the FDIC fund of $173 million. Midland States Bank is taking over the deposits.
The FDIC did better on these than some of the previous banks. Not great, but better than the 50% hit to the fund that seems to be popular this year.
