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FDIC - Closes number 131 and Loses $122MM

From Bloomberg:

Republic Federal Bank in Miami was closed today by federal regulators, becoming the 131st U.S. bank shut so far this year, officials said.  The Federal Deposit Insurance Corp. was named receive and sold all the deposits to 1st United Bank, Boca Raton, Florida, according to a statement. Republic Federal had $433 million of assets and $352.7 million of deposits. The failure will cost the FDIC insurance fund $122.6 million, the agency said.

As part of the deal, the FDIC agreed to protect 1st United against most losses on Republic Federal's assets.
Well, another day, another multiple million dollar loss.  The FDIC will have to impose higher levies on the survivors in order to keep from going broke.  Who will bail out the bailer?  That's right, the taxpayer ultimately.  Just remember, everyone is saying our troubles are behind us.


Disclosure: no positions in mentioned banks