Oct
01
Hot Deals, Quick Link for Rates, Recap of this week’s posts
The total number of bank failures for the year is now 98. Three banks failed on Friday. For all three, the FDIC was able to find buyers who agreed to assume all deposits including those above the FDIC limit (see post). The main concern will be for CD holders at the failed banks since the acquiring banks have the right to cut rates. One thing that we’ve learned this year is that the acquiring banks often don’t communicate this change well (see MB Financial post). However, one of the acquiring banks from Friday’s failure didn’t waste any time informing customers of their decision.