Bank Failures for Year Pass 100 Mark

Monday, October 26, 2009

Macro economic indicators may say the country is no longer in a recession, but the bank industry is still wallowing in failures. On Friday, the number of banks that have failed shot past the 100 mark in 2009, and is expected to climb not only the rest of this year, but for several years to come. The federal government has had to rescue 106 banks to date, but the Federal Deposit Insurance Corporation’s “problem bank list” contains the names of 416 other institutions in trouble. Some experts fear that as many as 1,000 financial institutions may collapse within the next several years. This year’s total is already the highest since 1992, when 181 banks failed.

 
The most recent banks to fail were Partners Bank, Hillcrest Bank Florida, and Flagship National Bank, all of Florida, and Georgia-based American United Bank, Illinois-based First DuPage Bank, Minnesota-based Riverview Community Bank, and Wisconsin-based Bank of Elmwood.
-Noel Brinkerhoff
 
Failed Banks List (ProPublica)

Comments

Frank Fitton 10 years ago
So a whole bunch of small time rinky dink banks fail, why should I care? The reason you should care is because of how its indicative of our entire economic cultural change that is taking place. These small banks really are a lifeline for the communities, just like the small mom and pop stores are. These small banks take a vested interest in the areas that they exist in and provide a whole lot of the small business loans that people in those areas rely on to survive. It just shows how the divide between Wall Street and Main Street is growing bigger day by day. I don’t know about you, but I don’t really want to live in a world where every bank is a Bank of America and every store is a Wal-Mart. If you think that would be a nice world to live in, or that you’d be getting a great deal from them when that happens, I think your in for a very rude awakening. Check out my blog on milestone bank failure #100 at... http://www.thedebtgazette.com/2009/10/bank-failure-100-milestone/
Pravin 10 years ago
Check all the bank failures list and the snapshot at http://portalseven.com/banks/index.jsp You can check * Recent Bank Failures * Biggest Bank Failures * Number of State-wise Banks Failures * Costliest Bank Failures for FDIC * Biggest Loss Sharing Agreements for FDIC.
Rob 10 years ago
The 106 bank failures for 2009 are the most failures since 1992. Banks are failing fastest in those states with highest unemployment. This website has graphs showing the bank failures by state and bank failures by month. http://robvstate.com/2009/10/25/bank-failures-102009/

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