Its Friday, who posts the bank closings?

Darin

There's a small bank in my area that the FDIC is rumored to be shutting down. Just wondering if they're on today's list.
A relative is a banker, he says a lot of banks are for sale, but stronger banks don't buy them because too much risk taking on the bad loans. Better to let the FDIC shut them down.

gsa1fan

Texthttp://www.fdic.gov/bank/individual/failed/banklist.html

dino2008

Article in today's paper with a list of area banks (Oklahoma) that could be in trouble?

derryb

I would suggest the FDIC website. They will be the first to know

Ever wonder why they do this on a Friday?

scotty1418

There was a great NPR piece way back about 1 year ago about how when the bank closes friday the FDIC will send a team out for the weekend to get things up and running for start of business day Monday - I'm sure it's the fact that they can get 2 days to familiarize themselves with the banks situation.

They train people like task teams to fly out on instant notice and take things over. It was really interesting.

derryb

<< <i>There was a great NPR piece way back about 1 year ago about how when the bank closes friday the FDIC will send a team out for the weekend to get things up and running for start of business day Monday - I'm sure it's the fact that they can get 2 days to familiarize themselves with the banks situation.

They train people like task teams to fly out on instant notice and take things over. It was really interesting. >>



It also serves as a "cooling off" period for those whose first reaction to the news would be to go get their money from the remaining banks (which are closed over the weekend). I imagine a massive bank run is the FDIC's biggest fear, especially since banks were allowed to loan out most of our deposits that we think are safely tucked away in the big vault.