FDIC

When small regional banks across the US falter, a federal task force can shut them down. The last financial crisis led to the failure of 157 banks between 2008 - 2010. The following images document the FDIC process of auctioning off a failed bank. Officials accept bids for the acquisition one week and by the following Friday evening, just as the last customer exits the building, the FDIC's closing task force comprised of auditors, lawyers and IT personnel surprise employees with orders to close the bank, welcome the new owner, and ready themselves for an overnight audit before reopening the following morning as scheduled but under a new name.