Bank Failure Friday Continued
I said that California was doing its best to catch up to Georgia in the failed bank race. Mirae Bank of Los Angeles, CA was added to the list. That’s six California banks this year. Mirae had total deposits of $362 million and will have an estimated cost to the FDIC fund of $50 million. It looks like the FDIC did a much better job with this bank than with the other failures this year.
Five failures is a pretty impressive Friday.
