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The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. [ 8 ] : 15 The FDIC was created by the Banking Act of 1933 , enacted during the Great Depression to restore trust in the American banking system.
The FDIC insures up to $250,000 per depositor, per insured bank, as a result of the Emergency Economic Stabilization Act of 2008, which raised the limit from $100,000. [6] The receivership of Washington Mutual Bank by federal regulators on September 26, 2008, was the largest bank failure in U.S. history.
The list below is based on assets at the time of failure of banks insured by the Federal Deposit Insurance Corporation. [1] [2] Bank City State Year
Learn how FDIC insurance works, red flags to watch out for and how to cover amounts above the $250K limit. ... A bankruptcy in May 2024 of a relatively unknown banking-as-a-service company Synapse ...
The situation deteriorated in April after Synapse declared bankruptcy following the exodus of several key partners. ... The FDIC and Federal Reserve didn’t immediately return calls seeking comment.
IndyMac Bank was also a large bank that was changed into a bridge bank by the FDIC, after its failure, until the funds can be disposed of. In addition, the investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008, citing bank debt of $613 billion and $155 billion in bond debt.
Synapse filed for bankruptcy in April, leading to the freezing of accounts for customers of its partner banks, including Tennessee-based Evolve Bank & Trust, which in turn worked with fintech ...
The dispute arose between bankruptcy trustee Simon Rodriguez and the FDIC over who would receive the $4 million refund issued by the IRS. [1] [5] In 2015, the IRS paid the income tax return filed by United Western Bancorp in 2011 to the bankruptcy court, handing the court the mandate to figure out to whom the refund is due. [5]