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Kaleberg

The FDIC takes over banks late on Friday so they can get them open to the public by Monday. I know it looks like they are just trying to bury the closures in the pre-weekend news feed, but they are actually trying to minimize the disruption to the vast majority of customers who are completely insured, but might want to hit an ATM or write a check on the next business day.

jkas

as much as I love a good conspiracy, that does make sense!!

Jim

Yes, that's right. They need time to go through the bank's books and sign the papers with the acquiring back before business reopens. While they are actually doing the accounting (which takes about an hour), the bank's customers cannot get their money by ATM or online, so they do it late on a Friday night to minimize disruption.

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