Integrity Bank, Alpharetta, Georgia, with $1.1 billion in total assets and $974.0 million in total deposits as of June 30, 2008, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation was named receiver. The FDIC Board of Directors today approved the assumption of all the deposits of Integrity Bank by Regions Bank, Birmingham, Alabama. All depositors of Integrity Bank, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Regions Bank for the full amount of their deposits, and they will continue to have uninterrupted access to their deposits. Depositors will continue to be insured with Regions Bank so there is no need for customers to change their banking relationship to retain their deposit insurance.
FDIC, August 29, 2008
Several smaller bank closures occurred last week, including the transaction excerpted above. The people at the FDIC are doing their jobs in fine fashion, but where is Treasury Secretary Hank Paulson regarding the GSEs? We were kind of hoping for a press conference regarding the creation of a conservatorship for "Frannie Mae" on Friday, but its seems Paulson could not get there, to use bankster vernacular.
Via Long Investment Ideas from Seeking Alpha:
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