Bank Deposit Insurance Could Go Broke

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#2 (permalink)

03-06-2009, 07:15 AM

Scott S

Charter Club Cobra Member

Join Date: Jan 1999

Location: Sublimity,, OR

Cobra Make, Engine: My Shell Valley Coupe is here! Now the building begins....

Posts: 1,409

Not Ranked

My small town bank (Silver Falls Bank) went broke two weeks ago and the FDIC stepped in to insure the funds with $50 million.

Anybody want some $40 stock for .26 cents a share? I got plenty for sale....

What I don't understand is while the FDIC put up money to insure the accounts not one account failed, another bank bought up all the assets and the bank reopened the next day under a new name.

What happened to the 50 million?

Scott S

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