Well only one bank with five branches this week. The concerning part is the bank failure is the 83rd in 2010 which puts the pace more than double last year's. Do you not think this is a concerning trend? Well there are 775 banks on the FDIC problem bank list. Now what do you think?
1. Nevada Security Bank, Reno, Nevada, was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The five branches of Nevada Security Bank will reopen on Monday as branches of Umpqua Bank. Depositors of Nevada Security Bank will automatically become depositors of Umpqua Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $80.9 million.
Total Bank Closings = 83
Cost to the FDIC (We The People) this week... $80.9 million
Cost to the FDIC (We The People) for 2010 thus far ... approx. $17.8 BILLION
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