Bank Failures Rise To 64 In 2010

The FDIC seized 7 more banks, raising the totaled number of failed U.S banks in 2010 to 64. 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

Frontier Bank (Washington)                                                 $3.50 billion                    $3.13 billion                                              
BC National Banks (Missouri)                                               $67.2 million                   $54.9 million         
Champion Bank (Missouri)                                                    $187.3 million                 $153.8 million
CF Bancorp (Michigan)                                                            $1.65 billion                     $1.43 billion
Eurobank (Puerto Rico)                                                           $2.56 billion                     $1.97 billion
R-G Premier Bank of Puerto Rico (Puerto Rico)            $5.92 billion                     $4.25 billion
Westernbank Puerto Rico (Puerto Rico)                           $11.94 billion                   $8.62 billion

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Tags: Bank Failures

This entry was posted on May 3, 2010 at May 3, 2010 and is filed under Banks. You can follow any responses to this entry through the RSS 2.0 feed.