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Thursday, August 27, 2009

FDIC says number of 'problem' banks now at 416

The number of "problem" institutions in the banking industry's keeps growing.

The Federal Deposit Insurance Corporation today released a tally of 416 troubled banks as of June 30, up from 305 at the end of March.

That statistic is contained the FDIC's Quarterly Banking Profile, released this morning. Regulators say the number of troubled banks is highest it's been since June 30, 1994, when 434 institutions on the list.

The agency never identifies who's on the list of troubled banks. Generally, we find out who the worst of the worst are Friday nights when the FDIC swoops in and takes over a failed bank.

And for some perspective, the FDIC insures deposits at 8,246 banks and savings associations. So the percentage of "problem" banks is currently 5 percent of all institutions. Still, 81 banks have failed so far this year, and banking analysts project another 200 to 300 banks will failed before the current cycle is over.

(For those keeping score, the FDIC said there were 252 problem institutions at the end of 2008, up from 76 at the end of 2007.)
Posted by Mike Armstrong @ 10:55 AM  Permalink | File Under: Financial Services | Post a comment
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About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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