Shop Notes
2010 bank failures top 2009
Posted: Nov. 8, 2010 | Tags: banks, BankTracker, FDIC, Federal Deposit Insurance Corp.
Four more banks failed on Friday, bringing the total for the year to 142, meaning there will be more bank failures in 2010 than any year since at least 1992. Last year, the Federal Deposit Insurance Corp. took over 140 banks around the nation.
This year's failures have cost the insurance fund more than $21.1 billion. A year ago, failures cost the insurance fund about $37.7 billion.
More than half the failures in 2010, 83 in all, have occurred in just five states:
- Florida, 27
- Georgia, 17
- Illinois, 16
- California, 12
- Washington, 11
There have been no failures in 21 states
The last time there were more failures was 1992, when 179 banks were closed. But there were nearly 14,000 banks in 1992; now there are about 7,700 banks in the country.
Between 1992 and 2008, a total of just 148 banks failed.
No banks were closed in 2005 and 2006, as the housing bubble was hitting its peak.
You can see a list of all this year's bank failures on our BankTracker site. The list has been updated to allow sorting by date and by the estimated cost to the FDIC.
