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Thread: Three U.S. Banks Close, Bringing Failure Toll This Year to 98

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    Three U.S. Banks Close, Bringing Failure Toll This Year to 98

    Jennings State Bank of Spring Grove, Minnesota, and Warren Bank of Warren, Michigan, were closed by state regulators and the Federal Deposit Insurance Corp. was named receiver, the agency said yesterday in statements on its Web site. Southern Colorado National Bank of Pueblo was closed by the Office of the Comptroller of the Currency, the FDIC said.
    Brutal, and I would think local and regional banks would be safer bets as opposed to national and international banks.

    Three U.S. Banks Close, Bringing Failure Toll This Year to 98 - Bloomberg.com
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    Re: Three U.S. Banks Close, Bringing Failure Toll This Year to 98

    Quote Originally Posted by chevydriver1123 View Post
    Brutal, and I would think local and regional banks would be safer bets as opposed to national and international banks.
    Actually, if one takes a look at the 98 banks that failed this year, more than 80% are small and medium-sized ones, rather than the large national banks.

    Assets:
    <$ 100 million: 16 (16.3%)
    $100 million to < $1 billion: 65 (66.3%)
    $1 billion to < $10 billion: 14 (14.3%)
    $10 billion or more: 3 (3.1%)

    Median: $295 million
    Largest: $25.0 billion, Colonial Bank (AL)
    Smallest: $13.4 million, Dwelling House Savings & Loan Association (PA)

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