Categorized | industry

FDIC adds 54 more banks to its ‘problem list’

According to the AP:

The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter—yet another sign of escalating problems among the institutions controlling Americans’ deposits.

We’ve had profound problems in our financial markets that are taking a rising toll on the real economy,” said FDIC Chairman Sheila Bair in a statement, adding that Tuesday’s report “reflects these challenges.”

Recently, community banks—defined as those with assets under $1 billion—have started to show similar stresses as their larger counterparts, the FDIC said.

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