Bank Failures Rise To 16 In 2010

The FDIC seized 1 more bank, raising the totaled number of failed U.S banks in 2010 to 16. FDIC Chairman Sheila Bair has said in the current banking crisis, failures will peak in 2010.

According to the FDIC bank failures from 2009 to 2013 is expected to cost $100 billion. Small(regional) banks are failing due to the loan losses from the credit boom. Many losses are result of the collapsed commercial real estate projects.

Brief Rundown;

Bank                                                                                               Assets                            Deposits

1st American State Bank (Minnesota)                               $18.2 million              $16.3 million

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Tags: Bank Failures, fdic

This entry was posted on February 6, 2010 at February 6, 2010 and is filed under Banks. You can follow any responses to this entry through the RSS 2.0 feed.