Yeah, always on a Friday night, even better when it's a holiday.
It's not that the failures always happen on a Friday. It's just when the FDIC likes to pull the trigger. Put the animal down, nice and quiet like, when fewer people are paying attention.
Ericson State Bank in Ericson, Nebraska, failed on Feb 14, costing the FDIC's Deposit Insurance Fund $14.1 million.
The FDIC insures deposits at 5,256 banks and savings associations as of September 30, 2019, according to the latest bank failure press release from the FDIC.
There were four bank failures in 2019, none in 2018, eight in 2017 and five in 2016.
