by Bill McBride on 2/15/2013 09:07:00 PM
Friday, February 15, 2013
The rate of bank failures has slowed significantly, and most of the recent failures have been pretty small banks. But here is a Friday tradition ...
From the FDIC: Liberty Bank and Trust Company, New Orleans, Louisiana, Assumes All of the Deposits of Covenant Bank, Chicago, Illinois
As of December 31, 2012, Covenant Bank had approximately $58.4 million in total assets and $54.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $21.8 million. ... Covenant Bank is the 3rd FDIC-insured institution to fail in the nation this year, and the first in Illinois.