Seven banks failed yesterday, bringing the total number of bank failures to 103.
In 2009, we didn't see 100 banks fail until late October. However, some suspect banks got some slack last year, and that the FDIC waited to see if the economy would help banks get back on their feet.
Due to Friday's failures, the FDIC insurance fund will shrink by $431 million.
As if you needed it, this is a nice midyear reminder to check your coverage. FDIC insurance covers deposits up to $250,000. If you have more than that at any one bank, make sure you're not taking a risk.
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Thanks for sharing.