Bank failure is 83rd in '10; pace more than double last year's - USATODAY.com
Quote(Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.
The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks' losses mount on loans made for commercial property and development.
The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.)
Tut tut Harry Reid is evidently of no help with banking system failures in Nevada.
Did I not read about something that referred to Obama saving the banks? Oh well must have misunderstood.
This article says that in all probability the number of Banks that will fail this year will exceed those that fell last year.
The FDIC believes that the total cost of rescuing Banks over 4 years will be of the order of $100 Million.