Friday afternoon FDIC field team takes control of the bank. Because of the boom in business, they just opened up a field office in southern California (Irvine).

The goal is to have all accounts accounted for (sounds redundant) to handle banking requests on Monday opening of business. The #1 objective is to preserve depositors' assets, preferably by purchase/assumption by another banking institution. If this cannot be arranged, payout to depositors occurs within two business days (target).

Assumption by another bank is preferable because the payouts are subject to limitations and more extensive documentation.

FDIC deposit insurance covers $250K per depositor, per bank, for insured checking, savings, and CDs (certificates of deposit). The terms of your account will state clearly whether the funds are covered.

So, if you have over 250K in that bank, a payout will result in loss of assets. Money market accounts, annuities, etc. are not covered at all, even if the bank was FDIC-insured.

Also, separate deposit accounts in different branches of the same bank all add up to the $250K limit.

Pray for another bank to take over.
Source(s):
http://www.fdic.gov/deposit/Deposits/insured/basics.html
http://www.fdic.gov/consumers/banking/facts/payment.html

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