The Freedom State Bank, Freedom, Oklahoma, failed tonight, costing the FDIC $5.8 million. It's the 12th failure of 2014.
Metropolitan Savings Bank, Pittsburgh, Pennsylvania, kicked off the wave of bank failures in the current crisis on February 2, 2007, with assets of $15.8 million. About $1.2 million in deposits exceeded the FDIC insured limit at the time. It had been the first bank failure in the country since 2004 and the first of a string of failures which now totals 504 banks and close to $89 billion in covered losses.
Stay tuned.
