01 February 2014 (16:25 UTC-07 Tango)/30 Rabi ‘al-Awwal 1435/12 Bahman 1392/02 Bing-Yin (1st month) 4712

Syringa Bank of Idaho has become the 3rd U.S. bank to officially fail in 2014! On 31 January 2014, the bank was seized by the by the Idaho Department of Finance and turned over to the FDIC.

No explanation was given as to why the bank failed.  Also, no warning of bank closures are legally required.

The FDIC (Federal Deposit Insurance Corporation) took the Gem State’s Syringa Bank assets and gave them to a California bank, Sunwest Bank.  FDIC officials say Syringa’s failure will cost them $4.5-million USD!   The FDIC is also warning that more banks will fail, saying by 2016 that $10-billion could be spent on failed banks!

DuPage National Bank, in Illinois, was the first bank to fail in 2014.  The Bank of Union, in Oklahoma, was the second.

In 2013, 24 U.S. banks failed and were shut down.