FDIC closes down sixth bank of 2017 in the state of Illinois
On May 26, the FDIC closed down their sixth bank for 2017 as Fayette County Bank shuttered its doors. Â This institution is the second bank failure for the month of May, and the second Illinois based bank closure this year.
5/26/2017 *** Illinois *** Saint Elmo *** Feyette County Bank *** $1o million dollar estimatedÂ FDICÂ DIF cost.
The total DIF for failed banks this week is $10 million.
If you were banking at Feyette County Bank in Saint Elmo, IL, you are now banking at United Fidelity Bank, fsb based out of Evansville, IN.
For more on the FDIC bank closure lists you can go to the FDICÂ websiteÂ 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 theÂ troubled listÂ 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 15.
Kenneth Schortgen JrÂ isÂ a writer for The Daily Economist, Secretsofthefed.com,Â Roguemoney.net, and Viral Liberty, and hostsÂ the popular youtube podcast on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.