Movie rental chains, book stores and newspapers aren’t the only businesses that are dying off. The Federal Deposit Insurance Corp. (FDIC) announced three banks have been shut down, making 61 closures so far this year. Bank closures are still far behind the pace of 2010, when 157 banks were shuttered.
According to the RTT News, the FDIC estimates the Deposit Insurance Fund will spend $253.4 million to cover the new closures.
Accounts for the closed banks in Virginia (Virginia Business Bank), Indiana (Integra Bank, National Association) and South Carolina (BankMeridian, N.A.) have been absorbed by other banks in each respective state. The FDIC insures customer accounts up to $250,000.
If you’ve had money at a bank that closed down, how did your transition go?