Friday, June 26, 2009

Failed Banks

4 more today
Can this keep up?

The total cost of Friday's bank failure to the FDIC is $214.2 million, bringing the total for this year to $11.89 billion. That compares with $17.6 billion in all of 2008.

The number of bank failures so far this year has already exceeded last year's total of 25, with an average of 7 failures per month.

Over the next 5 years, the FDIC expects roughly $70 billion in losses due to the failures of insured institutions.