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U.S. problem bank list hits 416, insurance fund falls
Posted By admin On August 27, 2009 @ 10:04 am In U.S. News | Comments Disabled
Karey Wutkowski and Steve Eder
Thursday, August 27, 2009
WASHINGTON (Reuters) – The number of problem U.S. banks and thrifts on an official watchlist rose sharply to 416 in the second quarter of 2009 from 305 in the prior quarter, as the industry recorded a $3.7 billion loss.
The Federal Deposit Insurance Corp said on Thursday that the industry swung back to a loss in the second quarter after reporting a $7.6 billion profit in the first quarter, primarily due to costs associated with rising levels of bad loans and falling asset values.
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The agency’s insurance fund used to safeguard bank deposits dipped 20 percent in the second quarter to $10.4 billion from $13 billion at the end of the first quarter. The decrease in the fund was chiefly caused by an $11.6 billion increase in the money the FDIC set aside for anticipated bank failures.
Nevertheless, FDIC Chairman Sheila Bair said there were signs of economic revival even as the banking industry struggled.
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