Sheila Bair, chairman of the Federal Deposit Insurance Corp., has some advice for consumers worried about the health of their banks: Calm down.
The FDIC, which insures deposits up to $100,000 at banks around the country, over the weekend took control of California-based IndyMac Bank. At $32 billion in assets, IndyMac represents the second-largest bank failure in U.S. history after Continental Bank in Illinois in the early 1990s.
In an interview Wednesday, Ms. Bair said, “Overall, banks are safe and sound” while acknowledging there will be more failures across the country. But she predicted that they wouldn’t top the nearly 3,000 banks and thrifts that failed during the savings and loan crisis of the late 1980s and early 1990s.
Dispatches from Chicago's south side.
Wednesday, July 16, 2008
FDIC chair urges calm; most Chicago banks in good shape
This is certainly good news. From Crain's:
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