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Bailout
: Calculated RiskBank Failure #149: First Banking Center, Burlington, Wisconsin
By Anonymous
Escape velocity near
Warp trajectory
by Soylent Green is People
From the FDIC: First Michigan Bank, Troy, Michigan, Assumes All of the Deposits of First Banking Center, Burlington, Wisconsin
As of September 30, 2010, First Banking Center had approximately $750.7 million in total assets and $664.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $142.6 million. Compared to other alternatives, First Michigan Bank's acquisition was the least costly resolution for the FDIC's DIF. First Banking Center is the 149th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin.Three down today with close to $1 billion in assets. A billion here, a billion there ...
Full post as published by Calculated Risk on November 19, 2010 (boomark / email).
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