FDIC Takes Over Failed Bank

From Mike Mayko, CT Post:

For nearly a decade, The Community’s Bank sat at 2574 East Main St., the only minority-owned bank in Connecticut.

On Friday, it became the first community bank in the state in almost a decade to fail.

Read full story here.



  1. Yesterday, The Community Bank of Bridgeport closed its doors and thanks to the FDIC nobody will lose a dime. But five years ago, Lehman Brothers became the largest bankruptcy in United States history, ushering in The Great Recession. Its immediate conversion to an FDIC bank overwhelmed reserves and started the largest bailout in our history.
    Here’s why I’m writing: not many people understand the similarities, contrasts and connections between those two events and this week’s Democratic primary.
    It’s been a decade since a Community Bank failed because in the early nineties other banks failed reliquifying the entire banking sector in metro Bridgeport.


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