Sep
30
Three banks failed today. It has been three weeks since there has been 3 or more bank failures on a Friday. All 3 banks were relatively small. One had around $500 million in assets. The other two were tiny with well under $100 million in assets. Total cost to the Deposit Insurance Fund was just under $300 million which is fairly small compared to the losses in previous weeks. Some had speculated that the FDIC may have slowed the closures until the assessment money from the banks start coming in to replenish the DIF.
All of the three closures today were typical. The FDIC was able to find buyers for all three, and the buyers agreed to assume all deposits, even those above the FDIC limit.