FDIC closes down fourth bank of 2017 in the state of Louisiana at a cost of nearly $1 billion
On April 28, the FDIC closed down their fourth bank for 2017 as First NBC Bank shuttered its doors. ¬†This institution is the first bank failure for the month of April, and the first Louisiana bank closure since November of 2011.
4/28/2017 *** Louisiana *** New Orleans *** First NBC Bank *** $996.9 million dollar estimated¬†FDIC¬†DIF cost.
The total DIF for failed banks this week is $996.9 million.
If you were banking at First NBC Bank in New Orleans, LA, you are now banking at Whitney Bank based out of Gulfport, MS.
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 16.
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.