It is very rarely that you hear of bank failures, even this year when it seems the mortgage crisis cheerleaders want Americans to panic and think that every bank is risking failure. Having said this, we just got word this morning that the First Integrity Bank from Staples, Minn. was shut down by federal regulators working for the Federal reserve of the United States of America. If you have money in First Integrity Bank, don’t panic, it is safe. The bank was FDIC insured meaning that every account is insured for $100,000, not to mention the company didn’t really lose the money anyway. Federal regulators simply felt that unsafe practices had weakened its financial condition.
First Integrity Bank was the fourth bank failure this year of an FDIC-insured bank There were two small Missouri institutions, Hume Bank and Douglass National Bank, and ANB Financial National Association of Bentonville, Ark., which had about $2.1 billion in assets, which also failed. The Feds said that they do expect more bank failures over the coming months and have hired additional employees to manage the takeovers. The FDIC estimated the action of this takover and buyout will cost the deposit insurance fund only around $2.3 million.
May 31 2008
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