Sunday, June 20, 2010

Bank failure is 83rd in '10; pace more than double last year's

OK, I guess it's starting to get redundant and old, mocking the administration's claims of a recovery. I know it's a joke. You know it's a joke. Most people - I would hope - know it's a joke. Please return your seats to their upright position, and buckle your seat belts.

    USA Today -

    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.

Read it all.