FDIC Closes Integra Bank, Virginia Business Bank & BankMeridian

On Friday July 29 the Federal Deposit Insurance Corp (FDIC) closed three more banks bringing its total number of bank failures to 61 this year.

The three banks seized were:

1. Integra Bank (IBNK.PK) which is based in Evansville, Indiana. Integra had 52 branches with $2.2 billion in assets and $1.9 billion in deposits. Integra Bank received $83.6 million in taxpayer funds in February 2009 under the government's TARP financial bailout program. These funds have not been repaid, according to the Treasury data.
2. Virginia Business Bank with a single branch in Richmond, Virgina. Reports says Virginia Business Bank had $95.8 million in assets and $85 million in deposits,BankMeridian with its three branches is based in Columbia, South Carolina.
3. BankMeridian had $239.8 million in assets and $215.5 million in deposits.

Old National Bank, based in Evansvill, Indiana will assume the assets and deposits of Integra Bank and "share" with the FDIC losses on $1.2B in loans and other assets.

Richmond Virginia based Xenith Bank agreed to assume the assets and deposits of Virginia Business Bank.

Orangeburg South Carolina based "South Carolina Bank and Trust" will acquire the assets and deposits of BankMeridian. Also, the FDIC and South Carolina Bank and Trust agreed to share losses on $179 million of BankMeridian's assets.

Top CD Rates - Best 1, 2, 3, 5, 7 & 10-yr CD Rates

The top rate for a certificate of deposit (CD) this week is at iGoBanking where you can get a 10-year certificate that currently pays 3.50% APY.

For shorter terms, AloStar Bank offers 6 and 12 month CDs with APYs of 1.12% and 1.40%, respectively.

The one year US Treasury rate (quote) is currently 0.16%.

With rates so low, banks will try to sell you their annuity products. Make sure you read our article: Beware of Annuities

The table below shows the best CD rates for other terms.

For Larger Text: If that table is hard to read, then try Very Best CD Rates.

"Highest CD Rates Survey for 7/12/11"

Term	Highest Rate (APY)	Where? (Click link for Full Rate Sheets)
Vanguard Daily	0.05%	Vanguard Prime Money Market Fund
Vanguard Tax Exempt	0.04%	Vanguard Tax Exempt Money Market Fund
FDIC Daily Savings	1.15%	Best Savings Account Rate Survey
6 Month CD	1.12%	AloStar Bank merging into Nexity Bank
1 Year CD	1.40%	AloStar Bank merging into Nexity Bank
1 Yr US Treasury	0.16%	US Treasury Rate Quote
18 - Month CD	1.33%	Aurora Bank
2 Year CD	1.56%	Melrose CU & 1.50% @ Bank of Internet
3 Year CD	2.00%	Security Service CU
4 Year CD	2.42%	Melrose CU & 2.11% @ Bank of Internet
5 Year CD	2.85%	Security Service CU & 2.54% @ EverBank
5 Yr US Treasury	1.47%	US Treasury Rate Quote
7 Year CD	3.30%	Security Service CU & 2.75% PenFed CU
10 Year CD	3.50%	iGoBanking & 3.00% @ Discover Bank
10 Yr US Treasury	2.91%	US Treasury Rate Quote
30 Yr US Treasury	4.19%	US Treasury Rate Quote

Vanguard Money Market & US Treasury Rates shown for Reference

Related Information:

• Historical CD Rate Graphs
  
  
• Historical Mortgage Rates
  
  
• World Stock Markets at a Glance
  
  
• Easy to Read Best CD Rate Survey

With rates so low, banks will try to sell you their annuity products. Make sure you read our article: Beware of Annuities.

• Quotes: US Treasury Rate Quotes
  
  
• Graphs: US Treasury Rates at a Glance