Federal Deposit Insurance Corporation
Congress created the Federal Deposit Insurance Corporation (FDIC) in 1933 to restore public confidence in the nation’s banking system. The FDIC insures deposits at the nation’s 8,012 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
April 16, 2010 – The FDIC closed the following banks today:
- City Bank, Lynnwood, Washington
- Tamalpais Bank, San Rafael, California
- Innovative Bank, Oakland, California
- Butler Bank, Lowell, Massachusetts
- Three Florida Banks, Florida
- Lakeside Community Bank, Sterling Heights, Michigan
Additional information regarding the failed banks can be found below.
