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Late Friday afternoon, July 11, 2008 the OTS (Office of Thrift Supervision) section of the FDIC took over the operation of Indymac bank. Additionally, IndyMac Bank's assets were seized
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First Priority Bank, Bradenton, Florida, was closed today by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SunTrust Bank, Atlanta, Georgia, to assume the insured deposits of First Priority.

Late Friday afternoon, July 11, 2008 the OTS (Office of Thrift Supervision) section of the FDIC took over the operation of Indymac bank. Additionally, IndyMac Bank's assets were seized by federal regulators because the bank was close to being unable to meet the demands of depositors who withdrew 1.9 billion US dollars in the last few days.

Apparently Citibank and the U.S. government (i.e., we taxpayers) have reached a deal whereby we will backstop something like $300-billion in screwed assets on Citi's balance sheet. That $300-billion figure is, as we say in the business, way fucking bigger than the $50-billion "bad bank" number that had been tossed around earlier in the weekend.Here is the gist:

WASHINGTON (Reuters) - Bank regulators closed a small Florida-based bank on Friday, the eighth U.S. bank to fail this year under pressure from a weak economy and a credit crisis precipitated by falling home prices.