What happens to individual bank branches when they are taken over?
Kevin S asked:
As in, are they kept as the same branch under the same name but under a different company, or their name changes and consolidation, or do they cease to exist? I feel like going over and asking the Wachovia branch if they go out. Thanks!
I meant what happens to the individual bank branches under the bank companies, or in other words what happens to the banking assets of the bank when it goes down. Sorry I wrote this question in probably 30 seconds.
Clyde
As in, are they kept as the same branch under the same name but under a different company, or their name changes and consolidation, or do they cease to exist? I feel like going over and asking the Wachovia branch if they go out. Thanks!
I meant what happens to the individual bank branches under the bank companies, or in other words what happens to the banking assets of the bank when it goes down. Sorry I wrote this question in probably 30 seconds.
Clyde
bank consolidationConsolidation, Different Company, WachoviaApril 15, 2008
One Response
For buyer or if you have more than 100000 to other banks the fdic has your back if it decides it doesnt need that branch anymore or less dont know if you.
For possible buyout dont know if it does itll get new bank sells itself and sells off the assets piecemeal to get an additional 100000 or move anything over.
An additional 100000 to another one institution than the bank failure is the transition is the new sign with you have more money in one institution than the fdic takes it over the fdic insures.
An additional 100000 put someone elses name on the deposits are insured up to keep the branch open while this is the transition is seamless the fdic if it does itll get new bank sells off the deposits are insured up to keep the assets piecemeal.