Sunday, March 28, 2010

Yeah, but who's counting?

No, really. Does anyone care? Does it matter?
Four Lenders Shuttered as U.S. Bank Failures Reach 41 This Year

Four banks in Georgia, Florida and Arizona were shut down by regulators, bringing the total for the year to 41 as smaller lenders are pressured by bad loans tied to commercial real estate.

The banks seized yesterday had total assets of $1.24 billion and deposits of $1.1 billion, according statements from the Federal Deposit Insurance Corp. Regulators have seized 181 U.S. lenders since the start of 2009.

U.S. lenders are collapsing at the fastest pace in 17 years amid losses on loans made at the height of the market. The number of banks on the FDIC’s “problem” list climbed to the highest level since 1992 in the fourth quarter. FDIC Chairman Sheila Bair said on Feb. 23 that the pace of failures will exceed last year’s total of 140.

Yesterday’s closings will drain $320.3 million from the FDIC’s deposit insurance fund, the agency said.

Want names? Read the article.

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