Saturday, May 29, 2010

Greek crisis cost $146 billion. Cost of resolving US banks now at $100 billion. Number of banks on the FDIC's confidential "problem" list jumps to 775

The number of banks on the FDIC's confidential "problem" list jumped to 775 in the first quarter from 702 three months earlier.
140 banks failed in 2009, twenty-five banks failed in 2008, the year the financial crisis struck with force, and only three succumbed in 2007.

SHOOT: By this time last year 36 banks folded in the US. Compare that to 78 this year, it's more than double. Still think this is a recovery?
clipped from

WASHINGTON (AP) -- Regulators on Friday shut down three banks in Florida and one each in Nevada and California, bringing the number of U.S. bank failures this year to 78.

The three Florida closures brought to 13 the number of bank failures this year in Florida, a state with one of the highest concentrations of bank collapses and where the meltdown in the real estate market brought an avalanche of soured mortgage loans. Fourteen banks in the state failed last year.

California is another state with a heavy concentration of bank failures, and Granite Community Bank was the sixth bank to fall in the state this year, following the shutdown of several big California banks in the last months of 2009. Seventeen banks failed in California last year.

Georgia and Illinois also are high on the list of states with concentrated bank failures.

The number of bank failures is expected to peak this year and to be slightly higher than the 140 that fell in 2009.
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