Kansas Bank Shut Down

The FDIC (Federal Deposit Insurance Corp.) shut down the Columbian Bank of Topeka in Kansas yesterday which had about $752 million in assets and $622 million in deposits.

This is already the ninth bank failure this year. There were $46 million in uninsured deposits by 610 accounts at the bank that exceeded the $100,000 insurance limit.

Now, I don’t write this stuff to scare you. I write this to let you know that you will be covered under the FDIC insurance for any deposits under $100,000 at a FDIC-insured bank. You don’t have to worry.

For more on this subject, check out this and this.

Source: CNN Money, FDIC