BOSTON, MA, May 30, 2023 – In the latest in a string of bank failures, Massachusetts Division of Banks (DOB) Commissioner Mary Gallagher announced that her agency has seized the assets of Amanda’s piggy bank. The bank failure occurred over the weekend when Amanda knocked the piggy bank from her dresser, causing it to crash to the floor, break into pieces, and scatter coins all over the corner of her bedroom. The collapse was initiated when the lone depositor of the bank was unable to retrieve all her assets as some of them were under the heavy dresser and in the scary darkness under her bed.
Gallagher urged depositors to avoid panicking, saying “FDIC insurance backs all deposits up to $250,000. We have communicated to the FDIC that we believe no depositor has assets in the piggy bank that exceed that amount.” DOB has ordered Acme and Sons Movers to start the painstaking process of moving the furniture in Amanda’s bedroom to allow for a search for the piggy bank’s lost assets. The FDIC, acting on the advice of Commissioner Gallagher, has agreed to a takeover of Amanda’s piggy bank by her parents, Julie and Craig.
At press time, the parents have filed an FDIC claim for $105,802.31, which covers irretrievable coins that dropped behind the heating register including one 1914-S Lincoln penny valued at $105,800 that Julie slipped in the piggy bank “just for fun.”