Bank Failures Rise To 20 In 2010

The FDIC seized 4 more banks, raising the totaled number of failed U.S banks in 2010 to 20. 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

Marco Community Bank (Florida)                              $119.6 million                              $117.1 million
La Coste National Bank (Texas)                                  $53.9 million                               $49.3 million
La Jolla Bank (California)                                             $3.6 billion                                   $2.8 billion
George Washington Savings Bank (Illinois)            $412.8 million                             $397.0 million

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Tags: Bank Failures

This entry was posted on February 20, 2010 at February 20, 2010 and is filed under Banks. You can follow any responses to this entry through the RSS 2.0 feed.