First National Bank of Crestview, Crestview, Florida, failed last night, costing the FDIC $4.4 million.
6,589 institutions remained insured under the FDIC through 9/30/14.
18 banks failed in 2014, 24 in 2013, 51 in 2012, 92 in 2011, 157 in 2010, 140 in 2009, and 25 in 2008 when there were still 8,384 banks and savings and loans in the FDIC system.
The shrinkage of membership in the system by about 1,800 over this period includes the 508 failures since 2007 and about 1,287 sales, mergers and consolidations.
Costs to the FDIC system for failures since the beginning of 2007 to date are close to $90 billion.
Costs to the FDIC system for failures since the beginning of 2007 to date are close to $90 billion.
