U.S. Bank Failures Surpass 100 ; Closures on Pace to Be Worst since '92
WASHINGTON (AP) -- U.S. bank failures this year have surpassed a bleak milestone of 100 as regulators shut down banks in Georgia, Florida, South Carolina, Kansas, Nevada, Minnesota and Oregon.
The seven bank seizures announced Friday bring to 103 the failures so far in 2010. The pace of bank closures this year is well ahead of that of 2009, which saw a total of 140 banks shuttered amid the recession and mounting loan defaults. That was the highest annual tally since 1992, at the height of the savings and loan crisis.
The pace has accelerated as banks' losses mount on loans made for commercial property and development. Many companies have shut down in the …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: U.S. Bank Failures Surpass 100 ; Closures on Pace to Be Worst since '92. Contributors: Not available. Newspaper title: Columbia Daily Tribune (Columbia, MO). Publication date: July 26, 2010. Page number: B5. © 2007 Columbia Daily Tribune. Provided by ProQuest LLC. All Rights Reserved.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.