Yet another Economic Populist series is Bank Failure Friday. Unfortunately we didn't plan this one.
This week's failures are Louisville, Ky.-based Irwin Union Bank FSB and Columbus, Ind.-based Irwin Union Bank and Trust Co.
Irwin Bank FSB had $493 million in assets and $441 million in deposits, while Irwin Union Bank and Trust had $2.7 billion in assets and $2.1 billion in deposits.
Looks like these found a buyer.
both bank's deposits will be assumed by First Financial Bank in Hamilton, Ohio.
First Financial also agreed to purchase essentially all of the two banks' assets. The FDIC and First Financial Bank reached a loss-share agreement covering about $2.5 billion of the two banks' combined assets.
This week's cost to the FDIC, $850 million. Last week the cost was $1.7 billion and the week before that was $401.3 million.
Today the FDIC is being reported to consider borrowing from the U.S. Treasury, where they have a $500 billion credit line. Yes that's taxpayer money.