Start Dic and liquidating a financial institution

Dic and liquidating a financial institution

Typically, customer accounts are closed and checks are mailed to account holders for the amount of their insured deposits.

“Essentially, the FDIC comes in on Friday afternoon after closing, relieves the existing management of authority and takes everything over, and usually by the following Monday morning they’ve reopened under the banner of the acquiring bank,” says Rebel Cole, professor of finance at De Paul University in Chicago.

But in rare cases — about 6% of bank failures since 2000 — the FDIC has been unable to find a buyer for the bank.

The FDIC will mail checks directly to depositors of The Community’s Bank for the amount of their insured money,” according to a press release.

Ultimately, getting your money back is the biggest concern in a bank failure, and the FDIC is the reason no one has lost a penny of insured deposits since the agency was founded in 1933.

Good evening, on behalf of the Deposit Insurance Corporation, welcome to our ever so slightly delayed anniversary celebration of 25 years of successfully providing deposit insurance protection to the citizens of Trinidad and Tobago.

As we celebrate this milestone, it is of importance not only to the DIC but also to the financial sector and the nation as a whole.

Under the astute policy guidance of its five former Chairmen and the operational leadership of its three former and the present General Managers the Fund grew, surpassing the billion dollar mark in 2007, as at September 30th, 2011 the Fund stood at $1,782.3 million.