Friday Night Lights: Inside an FDIC Bank Takeover With 60 Minutes

Posted on November 25, 2009 by Joshua Glazov
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60 Minutes Stopwatch.jpgThis past spring 60 Minutes broadcast this segment on the failure of Heritage Community Bank in Chicago. Scroll down and watch CBS correspondent Scott Pelley take you through:

  • FDIC officials secretly reviewing bids to buy the targeted bank through a Purchase and Assumption Transaction
  • The FDIC bank closure crew preparing to go in and take over each branch on a Friday evening after the last customer leaves
  • Explaining what's happening to the bank's president and employees at each branch
  • Taking an inventory of the bank's assets, books, and records
  • Re-opening the bank Saturday morning under the new banner of the purchaser: MB Financial
  • FDIC specialists greeting depositors and reassuring them that their money is safe

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