Bank Failures Rise To 26 In 2010

The FDIC seized 4 more banks, raising the totaled number of failed U.S banks in 2010 to 26. 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

Centennial Bank (Utah)                              $215.2 million                              $205.1 million
Bank of Illinois (Illinois)                            $211.7 million                               $198.5 million
Waterfield Bank (Maryland)                      $155.6 million                               $156.4 million
Sun American Bank (Florida)                    $535.7 million                              $443.5 million

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Tags: Bank Failures

This entry was posted on March 5, 2010 at March 5, 2010 and is filed under Banks. You can follow any responses to this entry through the RSS 2.0 feed.