Over the weekend our corporate bank, California National, was seized by the FDIC. As with all of these major financial changes, there is no apparent effect on us as the end user of services. Quite a dance going on though.
In case you haven’t been keeping score, here are the changes we’ve had through the Great Recession:
- Personal bank accounts through Washington Mutual, converted to Chase.
- Life insurance, now government sponsored through AIG
- Home mortgage, now explicitly covered by the federal government through Freddie Mac
- Corporate bank accounts through California National