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2010 Earns Spot in History

Courtesy of Brendan Hoffman, Getty Images.

The year 2010 is going down in history, not for having the most productive economic year or the funniest celebrity mishap, but  for having the highest number of bank failures in the U.S. since 1992. It’s been a tough year for sure,  but I thought last year was worse.

According to the Federal Deposit Insurance Corp., cited by the “The Washington Post,” there were 157 bank failures this year.  In 2009, there were 140.

Here’s the full article : Washington Post on 2010 Bank Failures
It seems that each year there are banks that fail so we shouldn’t be too worried.  It was a rough year.  And according to the FDIC list of “problem” banks as of September 20th, there were 860 lending institutions listed.  However, “if history is an accurate guide…only about a fifth of them will (JQ Lawrence, Metrosource)” fail.

Also, us New Yorkers don’t have as much to worry about.  “About half of the bank failures this year involved institutions with headquarters in four states: California, Florida, Georgia and Illinois (Lawrence).”

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