US bank failures reach 100 in 2009
Washington, October 24, 2009
The total of US bank failures this year reached 100, when regulators closed a small Florida bank with 18 employees and one branch.
The Office of Thrift Supervision said Partners Bank of Naples, Florida, had total assets of $68.7 million, a far cry from the largest bank failure of the current crisis -- Washington Mutual, which had assets of $307 billion when it was shuttered in September 2008.
The number of failures so far this year marks the highest annual level of failed institutions since 1992 during the savings and loan crisis.
That number is expected to continue rising this year as the industry tries to get a handle on commercial real estate loans that will continue to deteriorate as more strip malls go vacant and condo developments remain stalled. – Reuters