Pinehurst Bank, St. Paul, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Pinehurst Bank will reopen on Saturday as a branch of Coulee Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.0 million.
Not a bad week, only $6 million.
Total Bank closings = 73
Cost to the FDIC (We The People) this week... $6 million
Cost to the FDIC (We The People) yearly...approx. $17 BILLION
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