Bad Weather Slows the Bank Failure Pace?
February 2010 came to a close and only 7 US banking institutions were "shuttered" during the month involving a total of close to $5 Billion in combined assets (compared to January 2010 when 15 US banking institutions were closed involving a total of $10.9 Billion in combined assets). The average size of closed institution in February was $710.49 Million. The FDIC entered into loss-share transactions (an FDIC arrangement with acquiring bank for FDIC to assume a share of future loan losses) in 6 cases covering a total of almost $4.4 Billion of failed bank assets or nearly 90% of the $5 Billion failed asset total. The February cost to the Deposit Insurance Fund ("DIF") was $1.2 Billion.