FDIC Fast Facts
- When an FDIC insured bank fails, the FDIC guarantees withdrawals of principal and accrued interest up to a total of $250,000 per customer.
- Deposits in separate branches of an insured bank are not separately insured.
- The $250,000 per customer limit is in effect through December 31, 2009.
- The FDIC insures deposits at 8,246 institutions with $13.5 trillion in assets.
- The FDIC’s deposit insurance fund consists of premiums already paid by insured banks and interest earnings on its investment portfolio of U.S. Treasury securities.
- The fund held $52.4 billion at the beginning of 2008. After 53 bank failures this year, the fund held $13 billion. To date, there have been a total of 69 bank failures in 2009.
- The FDIC now expects that bank failures will cost the insurance fund around $65 billion through 2013.
Sources:
FDIC's chairman warns bank deposit insurance fund could run out of money
FDIC: When a Bank Fails - Facts for Depositors, Creditors, and Borrowers
Bloomberg: Bank of Wyoming Seized; 53rd U.S. Failure This Year
FDIC May Borrow Money from Treasury [August 27, 2008]
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House OKs $2 billion more for 'cash for clunkers'
No wonder the Chinese are nervous.
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Guaranty Bank became the second-largest U.S. bank to fail this year after the Texas lender was shut down by regulators and most of its operations sold at a loss of billions of dollars for the U.S. government to a major Spanish bank.
The FDIC also announced Friday the closures of Internet-based ebank, located in Atlanta, with $143 million in assets and $130 million in deposits; First Coweta, based in Newnan, Ga., with $167 million in assets and $155 million in deposits; and CapitalSouth Bank, based in Birmingham, Ala., with $617 million in assets and $546 million in deposits.
Those failures are expected to cost the insurance fund an estimated $63 million for ebank, $48 million for First Coweta and $151 million for CapitalSouth Bank.
Source
The failure of Colonial on August 14, 2009 is expected to cost the deposit insurance fund an estimated $2.8 billion.
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13 Billion (FDIC's fund as of this aricle) - the closures from this comment and the last (3.062 Billion) = The FDIC has 10 Billion and counting
Agency that insures bank deposits may need help
Hammered by bank failures, FDIC may need to draw cash from banks or government
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