FDIC Fails Centennial Bank. No Buyer Found.

The FDIC failed to find a buyer for Centennial Bank this seems to be a change in protocol. The Bank will not be open on Monday. When is this going to be reported by the MSM?

http://www.fdic.gov/news/news/press/2010/pr10046.html

Here is the Market Ticker Guys comment:
http://market-ticker.denninger.net/archives/2049-All-You-Need-To-Know-About-B...

Here is some of the press release:
The FDIC was unable to find another financial institution to take over the banking operations of Centennial Bank. As a result, checks to the retail depositors for their insured funds will be mailed on Monday. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits.
As of December 31, 2009, Centennial Bank had approximately $215.2 million in total assets and $205.1 million in total deposits. At the time of closing, the bank had an estimated $1.8 million in uninsured funds.
The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $96.3 million.

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News & Politics

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• FDIC
• failed bank list
• Run on banks
• buy gold