Bank Failure Friday
It wasn’t that banks didn’t fail yesterday, it’s that I was hanging out with friends I hadn’t seen in a while until 3am. And yes, the conversation from midnight to 3am was all economics (that’s how we roll). The FDIC updated their failed bank list with 2 new failures:
Great Basin Bank of Nevada, Elko, NV — total deposits of $221.4 million and an estimated cost to the FDIC fund of $42 million.
American Sterling Bank, Sugar Creek, MO — total deposits of $171.9 million and an estimated cost to the FDIC fund of $42 million (I had to double check).
Credit where credit is due, it looks like the FDIC moved quickly on Great Basin Bank of Nevada.
