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Bank Insurance Fund (BIF) provides deposit insurance for commercial banks. The BIF is administered by the Federal Deposit Insurance Corporation (FDIC). The BIF provides an insurance coverage of up to $250,000 per customer account for insolvent banks. The BIF was created as a result of the savings and loan meltdown in the late eighties. The BIF was formed to keep separate the administration of a bank and thrift insurance programs. Earlier two distinct insurance entities were created under the FDIC: BIF and SAIF (Savings Association Insurance Fund). The BIF and SAIF were merged in 2005 to form the Deposit Insurance Fund (DIF).