First Arizona Savings of Arizona Fails – FDIC Finds No Buyer and Depositors Lose $6 Million

October 22, 2010- There are likely to be some shell shocked depositors tonight at First Arizona Savings, A FSB, Scottsdale, Arizona, who stand to lose $5.8 million in uninsured deposits.   After the Office of Thrift Supervision closed First Arizona and appointed the FDIC as receiver, the FDIC was unable to find a buyer for failed […]

9,500 Uninsured Depositors Of Failed Banks To Be Reimbursed

The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, 2010, permanently increases the deposit insurance limit to a maximum of $250,000. Deposit insurance limits had previously been temporarily increased from $100,000 to $250,000 effective from October 3, 2008, through December 31, 2010.  The higher insurance coverage […]

FDIC Deposit Insurance Limits To Permanently Increase – Savers Finally Win One

June 17, 2010 – Lawmakers have agreed to make permanent the temporary increase on depositor insurance by the FDIC.   To avoid depositor panic during the height of the financial crisis in the fall of 2008, the government temporarily increased deposit insurance limit from $100,000 to $250,000.   The increased deposit insurance was due to expire on […]

How Much Did Depositors Actually Lose at Barnes Banking Company?

Depositor Losses At Barnes Banking Unknown On Friday, January 15, 2010, Barnes Banking Company was closed by the Utah Department of Financial Institutions which appointed the FDIC as receiver.  Since no other institution could be found to assume the assets or deposits of failed Barnes Banking, the FDIC set up a Deposit Insurance National Bank […]