Just released through AP
The FDIC took over Sun American Bank based in Boca Raton Fla. They also seized the Bank of Illinois in Normal, Ill, Waterfield Bank in Germantown, Md and Centennial Bank in Ogden, Utah.
For Waterfield Bank, because no buyer was found, the FDIC set up a new savings institution that will operate only until April 5 to allow customers access to their deposits and give them time to open accounts at other banks.
The FDIC was also unable to find a buyer for Centennial Bank, and it approved the payout of the institution's insured deposits. Zions First National Bank in Salt Lake City agreed to accept the failed bank's direct deposits from the federal government. All others must fend for themselves and that is a real nightmare.
The rate of bank seizures this year is likely to accelerate in coming months, FDIC officials stated. I suspect that will turn out to be an understatement.
This does not bode well!!
The FDIC has warned that it was harder to find banks to take over the failed ones. I suspect we hare there now.
My banking is in the process of being transferred to a chain of 8 banks located in an Amish community. They refused TARP funds when the offer was made. They have had three foreclosures in 103 years. They are almost as conservative as I am.