Managing risk in today’s volatile commercial real estate markets
Sunday, December 19, 2010
2010 Tally 157
U.S. Bank Collapses Reach 157 This Year as Six More Lenders Are Shuttered
Regulators shuttered six banks holding a total of $1.23 billion in assets, including three in Georgia and one each in Arkansas, Minnesota and Florida, as real-estate losses drive this year´s bank failures to 157. Florida has lost 29 lenders this year while 21 banks in Georgia were seized, the Federal Deposit Insurance Corp. said today in statements on its website. Regulators have closed 322 banks since the start of 2008. Today´s six closures cost the FDIC´s deposit-insurance fund a total of $267.6 million. "We´re over the hump in terms of number of failures and the average size, and potentially in the cost of them," Bert Ely, a banking consultant in Alexandria, Virginia, said in an interview. The crisis is "far from over but we´re making headway." This week´s failures may be the final closures for 2010 because regulators seldom shut down banks on holiday weekends, Ely said. The next two Fridays are Christmas Eve, a market holiday in the U.S., and New Year´s Eve.