FDIC acquisition veteran on what it’s like to run a failed bank
John Bovenge I’m part of a small club of people who run
failed US bankthe group that gained two members this month after regulators swooped in and acquired Silicon Valley Bank and Signature Bank.
In 2008, Mr. Bovenge, a longtime Federal Deposit Insurance Corp. employee, took over the bankruptcy of IndyMac, a mortgage lender.What he discovered and what management will face latest failed bank: Deposits overflow, but hardly come in. Employees who have not retired are looking for other jobs. Some of the remaining upper echelons may be responsible for what went wrong, and may even be questioned by law enforcement officers.
https://www.wsj.com/articles/veteran-of-fdic-takeover-tells-what-its-like-to-run-a-failed-bank-1f4debce?mod=rss_markets_main FDIC acquisition veteran on what it’s like to run a failed bank