2010 Bank Failures Top 100

July 26, 2010 No Comments »

100

The FDIC shut seven banks Friday, pushing the 2010 bank failure tally to 103.

The latest closures involved regional banks in Oregon, Nevada, Minnesota, Kansas, South Carolina, Georgia, and Florida.

Last year, 140 banks were shuttered by the FDIC, the highest total since the savings and loan crisis in the early 1990s.  But it wasn’t until late October that the total exceeded 100.

A year earlier, 25 banks were shut, and just three failed in 2007.

So 2010 looks like it’ll be the worst year for bank failures on record, thanks to the ongoing effects of the mortgage crisis, though earlier estimates of 1,000 bank failures seem a little stretched.

Florida leads the nation in bank failures with 18, followed by Illinois’s 12 and Georgia’s 10.

So far this year, 25 states and Puerto Rico have experienced bank failures.

2010 Bank Failures by State

Alabama – 1
Arizona – 2
California – 6
Florida – 18
Georgia – 10
Illinois – 12
Kansas – 1
Louisiana – 1
Massachusetts – 1
Maryland – 3
Michigan – 4
Minnesota – 7
Mississippi – 1
Missouri – 4
Nebraska – 1
Nevada – 4
New Mexico – 2
New York – 3
Ohio – 1
Oklahoma – 1
Oregon – 2
Puerto Rico – 3
South Carolina – 4
Texas – 1
Utah – 3
Washington – 7

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