So, does this effect FDIC insured money market account?
If it's an FDIC-insured Money Market Savings Account (not a Money Market Fund), then you *should* be fine, assuming that the FDIC doesn't go under.
The old Bank of America was based out of Los Angeles, until bought by A.P. Giannini's Bank of Italy out of Frisco. Of course, the whole outfit was later taken over by NationsBank out of Charlotte.
If more large banks fail the FDIC will be out of funds to replenish accounts and it will be wait-in-line time. The dollars you finally get might not be worth much after running printing presses 24 hrs/day for months.