Friday, September 13, 2013

Bank Failure #21 in 2013: The Community's Bank, Bridgeport, Connecticut

by Bill McBride on 9/13/2013 05:28:00 PM

From the FDIC: FDIC Approves the Payout of the Insured Deposits of The Community's Bank, Bridgeport, Connecticut

The FDIC was unable to find another financial institution to take over the banking operations of The Community's Bank. The FDIC will mail checks directly to depositors of The Community's Bank for the amount of their insured money. ...

Beginning Monday, depositors of The Community's Bank with more than $250,000 at the bank may visit the FDIC's Web page "Is My Account Fully Insured?" at to determine their insurance coverage.

As of June 30, 2013, The Community's Bank had approximately $26.3 million in total assets and $25.7 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.8 million. The Community's Bank is the 21st FDIC-insured institution to fail in the nation this year, and the first in Connecticut. The last FDIC-insured institution closed in the state was Connecticut Bank of Commerce, Stamford, on June, 26, 2002.
No one wanted this one - and it sounds like there might be some accounts over the insured limit.