Monday, November 8, 2010 - 4:31 PM
This AP News article has a good review of this year's bank failures and describes why more small banks are failing than in the previous two years. Even though we are seeing more banks failing this year, the combined assets are much less this year than the previous two years. For example, according to the article, there has only been one failed bank this year with assets over $10 billion. I had to do some research to find the bank. It was Westernbank Puerto Rico which had almost $12 billion in assets. This was one of the three sizable banks that were shut down in Puerto Rico on April 30th. The three banks had combined assets of $20.42 billion and cost the FDIC Deposit Insurance Fund an estimated $5.28 billion.
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