Financial institutions across the state will get a refund of money recovered from the failed Hartford-Carlisle Savings Bank. reports.The 454 banks and savings and loans in Iowa each paid a percentage of their uninsured public funds into what’s called a “sinking fund” to cover the loss of uninsured public money lost by the Hartford-Carlisle bank. The banks and S-&-L’s chipped in eight-point-six million dollars to go along with three-million that was already in the fund. State Treasurer Michael Fitzgerald says Federal officials have recovered enough money to pay the banks back one hundred percent of the money.A total of nearly twelve million dollars was lost when the bank went under, and three million dollars that came out of what was already in the sinking fund. Fitzgerald collected the money for the sinking fund from the Iowa banks in February. He didn’t expect to be able to pay them back just three months later. Fitzgerald says the average assessment to banks and savings and loans was 19-thousand dollars.
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