The FDIC Assessed $16 Billion to Banks For Last Year's Banking Failures: Here's How Much the Big Banks Are Paying
Less than a year ago, turmoil at a few banks resulted in some of the largest bank failures on record. Failures at Silicon Valley Bank (a subsidiary of SVB Financial) and First Republic Bank called for government intervention, including unprecedented action by the Federal Deposit Insurance Corporation (FDIC).
Over 100 financial institutions will shoulder the bailout cost as the FDIC imposes a special assessment to replenish the Deposit Insurance Fund. The total cost is $16.3 billion, with larger banks paying for the bulk of it. Here are the banks that paid the most and how it impacted their bottom line.
The failures of Silicon Valley Bank, First Republic Bank, and Signature Bank last March were three of the four largest bank failures ever. Washington Mutual was the only bank larger than those, and it went under in 2008 with over $307 billion in assets.
Source Fool.com
