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Banking & Finance

August 11, 1993|From Times Staff and Wire Reports

FDIC Fund Had $6.8-Billion Balance in June: By contrast, the Federal Deposit Insurance Corp., which protects depositors at failed banks, had $100 million of red ink at the end of 1992. The FDIC said better conditions in the banking industry and fewer bank failures this year have helped bolster the Bank Insurance Fund. By midyear, 23 banks with assets of $2.5 billion had failed, compared to 66 institutions with assets of $20.1 billion for the same period last year, the FDIC said. The fund is built up through premiums paid by banks, which range from 23 cents to 31 cents for each $100 of domestic deposits.

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