Tuesday, May 4, 2010

April is the Cruelest Month: 23 Banks Fail

April 2010 Summary

In April 2010, 23 US banking institutions failed with a total of nearly $39 Billion in combined assets. The FDIC entered into loss-share transactions (an FDIC arrangement with acquiring bank for FDIC to assume a share of future loan losses) in 21 of the failures covering a total of $27.5 Billion of failed bank assets or 70% of the failed asset balance. The April cost to the Deposit Insurance Fund ("DIF") was $9.4 Billion.