Has anyone else seen the news about the banks out west being taken over by the Federal Government?

Question

Apparently the banks have went belly up and closed their doors. At least one was in Nevada. I'm heading down to the ATM right now and withdrawing everything I can get my hands on, what about you?

Answer 1

First Heritage Bank, NA, Newport Beach, CA

First National Bank of Nevada, Reno, NV

Answer 2

Yeah, and just think about this.  There are about $8-9 trillion in bank deposits and the FDIC has about $58 billion to cover the risk.

Answer 3

It was in the news a few weeks ago that before this is over, 150 more banks will close.  This is just the beginning.

Answer 4

Your deposits are covered up to 100K by the FDIC.  You cannot get 100K out of an ATM.  Might as well just ride out the storm.