2010 US Bank Failures Rose to 143 Surpassing 2009
November 7, 2010 Leave a comment
On Friday, State and Federal regulators closed four banks, as the total number of bank failures this year rose to 143, surpassing 2009 which saw a total of 140 bank failures amid the recession and mounting loan defaults.
Assets of the four bank failures totaled $906.0 million. These bank failures are generally due to inadequate capital and mounting loan losses as defaults on commercial loans and residential mortgage loans continue to increase.
October saw a total of twelve bank failures, Florida with three, Georgia, Kansas and Missouri with two each, and Arizona, Illinois and Washington state with one each. Assets of these twelve bank failures totaled $4.73 billion and at an estimated cost to the FDIC of $1.14 billion.
2010-Q3 Bank Failure.
During the third quarter, Federal and State regulators closed 41 banks, with assets totaling $14.4 billion and at an estimated cost to the FDIC of $2.58 billion. There were nine bank failures in September, ten in August, and twenty two in July.