How many bank failures the U.S. has had in recent years might surprise you

What the FDIC is doing about second and third-largest bank failures in U.S. history.

formed a bridge bank and transferred assets and deposits from SB, with the FDIC managing the bridge bank pending sale or liquidation. In a joint press release , it was announced that all depositors — even those with balances in excess of FDIC coverage — would be made whole. There would be no cost to taxpayers as FDIC assessment fees to all other banks would cover the multibillion-dollar rescue.

On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC.

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