Friday, May 31, 2019

FDIC closes first U.S. bank failure since 2017

On May 31, the FDIC closed down Enloe State Bank in Cooper, Texas making it the first bank failure in the United States since December of 2017.



The Enloe State Bank, Cooper, Texas, was closed today by the Texas Department of Banking, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Legend Bank, N.A., Bowie, Texas, to assume the insured deposits of The Enloe State Bank. - FDIC
The DIF (Deposit Insurance Fund) cost to the public is expected to be around $27 million.

For those who were banking at Enloe State Bank, your deposits are not located with Legend Bank N.A..

2018 was the first year in more than a decade where the U.S. had zero bank failures.


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