FDIC Bank Failure Fund Drops $2.6 Billion in Second Quarter
The FDIC is giving an update on its bank insurance fund right now, reporting how much it's spent to rescue failing banks and how much money it has left in its fund.
The FDIC insures individual bank accounts up to $250,000. So far this year, there have been 81 bank failures, with 17 in August alone, including the sixth- and 10th-largest of all time.
The FDIC reports that it has identified 416 "problem" banks, a number that is at a 15-year high, and they have $3.7 billion in aggregate assets.
The raft of bank failures caused the FDIC's fund balance to drop from $13 billion in March to $10.4 billion now.
During high instances of bank failures in the past, the FDIC was forced to get loans from Treasury.
You can read the FDIC's release by clicking here.
-- Frank Ahrens
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