Banks continue to fail in large numbers across the country, marking the second consecutive year in which more than 100 financial institutions have shuttered their doors. After 140 banks collapsed in 2009, this year has witnessed 103 failures so far, putting it on pace to surpass last year’s bleak total.
The weak economy has left commercial property and development floundering, causing loan holders to fall behind on payments or default altogether. This in turn has wrecked the balance sheets of local and regional banks, such as the seven that turned to the Federal Deposit Insurance Corporation (FDIC) for help last week.
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