|
Obama's fault! |
|
Posted on 02/06/2009 2:27:43 PM PST by rabscuttle385
FirstBank Financial Services, McDonough, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Regions Bank, Birmingham, Alabama, to assume all of the deposits of FirstBank Financial Services.
FirstBank's four offices will reopen on Monday as branches of Regions Bank. Depositors of FirstBank will automatically become depositors of Regions. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Regions can fully integrate the deposit records of FirstBank.
Over the weekend, depositors of FirstBank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2008, FirstBank had total assets of approximately $337 million and total deposits of $279 million. In addition to assuming all of the failed bank's deposits, including those from brokers, Regions agreed to purchase approximately $17 million in assets. The FDIC will retain the remaining assets for later disposition.
(Excerpt) Read more at fdic.gov ...
|
Obama's fault! |
|
FDIC Friday...
Doesn’t that have the same tune as, “Another Manic Monday”?
Maybe :P
What do you mean MAYBE? ;-)
How can these banks keep failing. Dennis Kneale and the happy-talkers keep telling me that only 3% of home loans are delinquent and 92.4% of workers are happily employed.
It isn’t home loans that are a problem for the banks.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
