[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 103 KB, 736x521, FzAd8XmWABEFrUm.jpg [View same] [iqdb] [saucenao] [google]
56555362 No.56555362 [Reply] [Original]

https://www.fdic.gov/news/press-releases/2023/pr23091.html
Iowa Trust & Savings Bank, Emmetsburg, Iowa, Assumes All of the Deposits of Citizens Bank, Sac City, Iowa

I love when these bank failures are announced on a Friday night.

>> No.56555386

>>56555362
Big banks are tired of having to actually buy up the small banks like they used to, so they just sabotage them and take their business.

>> No.56555477

>>56555362
good

>> No.56555487
File: 48 KB, 208x243, 1699089993972.jpg [View same] [iqdb] [saucenao] [google]
56555487

>>56555362
>Stop noticing goy, its different this time!!! We are not in a recession!!! Dont believe what the chuds are telling you!!!

>> No.56555541

>>56555362
>>56555386
>>56555477
>>56555487
>The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.8 million. Compared to other alternatives, Iowa Trust & Savings Bank’s acquisition was the least costly resolution for the DIF, an insurance fund created by Congress in 1933 and managed by the FDIC to protect the deposits at the nation’s banks. Citizens Bank is the fifth bank to fail in the nation this year. The last failure in Iowa was Polk County Bank, Johnston, Iowa, on November 18, 2011.

it's small but concerning that this is still happening

>> No.56555549
File: 72 KB, 956x1130, F5OACIXbkAAmrut.jpg [View same] [iqdb] [saucenao] [google]
56555549

>>56555541
also humorous to me that it's being absorbed by a savings and loan

>> No.56555568

>>56555362
Don't worry, war is bullish, recession is bullish, high rates is bullish, haha

>> No.56555608
File: 89 KB, 720x1280, Snapchat-1834025578.jpg [View same] [iqdb] [saucenao] [google]
56555608

>>56555362

Hey I know that retarded taxidermy lion. Its from Shanghai natural history museum. Good lulz were had when I saw it few years ago (picrel).

>> No.56555615
File: 121 KB, 720x1280, Snapchat-1607201006.jpg [View same] [iqdb] [saucenao] [google]
56555615

>>56555608

They also had other retarded taxidermy animals like this majestic cheetah

>> No.56555631

>>56555362
how the fuck are banks failing when moderate interest rates, like we have them now, should be good for banks?

>> No.56556178

>>56555631
So the banks sit on a crap load of 0-1% yielding treasuries that are crushed in value.

Everyone says. Oh they can can just hold to maturity.

Sounds great until people start pulling deposits.

Banks need to sell this garbage at a loss in order to fulfill these requests.

>> No.56556490

>>56555362
Fifth one this year

>> No.56556500

>>56555362
kek wagies will pay for tihs

>> No.56557442

>>56555362
They typically do this so the bank closes on Friday as usual and then opens on Monday as usual with no interruption to customers. A more meaningful strategy 20 years ago but that's why.

>> No.56557451

>>56555362
More bailouts = More QE. Wagmi bros

>> No.56557597
File: 361 KB, 488x389, monky.png [View same] [iqdb] [saucenao] [google]
56557597

>>56555362
>As of September 30, 2023, Citizens Bank had approximately $66 million in total assets and $59 million in total deposits.
okay? so?

>> No.56557678

I'm a branch manager for a community bank and my rural location alone has more on deposit than this entire "bank".

>> No.56557906

>>56555631
Banks don't care about high or low interest rates. They care about stable interest rates because they control their own spread between borrowing and lending, so stability means they can hold long-term bonds to back them that are rarely sold at a loss. Because interest rates hiked so quickly there's a ton of slop in the system that banks just have to eat the loss on.