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FDIC closes down eighth bank of 2017 in shuttering one from the city of Chicago

FDIC closes down eighth bank of 2017 in shuttering one from the city of Chicago

On Dec. 15, the FDIC closed down their eighth bank of 2017 as Washington Federal Bank for Savings shuttered its doors.  This institution is the first bank failure for the month of December, and it is also the first bank closure in the last two months.

12/15/2017 *** Illinous *** Chicago *** Washington Federal Bank for Savings  *** $60.5 million dollar estimated FDIC DIF cost.

The total DIF for failed banks this week is $60.5 million.

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If you were banking at Washington Federal Bank for Savings in Chicago, IL, you are now banking at Royal Savings Bank based also out of Chicago.

For more on the FDIC bank closure lists you can go to the FDIC website and search through their report of failed banks, credit unions, and Trusts.

In 2016, there were a total of 5 banks that went into receivership, merged with another financial institutions, or closed their doors entirely.

Entering 2017, there are around 425 banks and other financial organizations on the troubled list due to mortgages, derivatives, and bad investments.

At the current rate of banks and financial institutions closing their doors so far this year, the estimated total number of failures for 2017 could reach 9.

Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.com, Roguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.


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