Would love to see how these numbers square up. 139 million in assets over 130 million in deposits. And costing the insurance 54 million.
Naive read is that the bank just had 54 million in withdrawals that it couldn't cover?
Guessing that isn't correct. Curious on details. Was this a surprise?
What caused this bank to go under?
You've got to appreciate the preciness of the language, and the assuredeness it's meant to instill, in press releases like this.
Worth noting this bank is an order of magnitude off of the 250th biggest bank in the US. It’s actually small enough that it’s hard to figure out where in the ~4K US banks it is, but it’s in the backend.
Also, this year is still small on the “number of failed banks” list. Banks fail fairly often and this one failing would be no news normally.