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FDIC: More bank failures may be on the way
Source: Los Angeles Times
Posted on 08.27.08 by Thomas L. Knapp

“Federal regulators Tuesday boosted to $8.9 billion the estimated cost of IndyMac Bank’s failure and prepared the public for more collapses, reporting that the number of troubled U.S. banks shot up 30% in just three months. The Federal Deposit Insurance Corp. said that on June 30 there were 117 institutions on its ‘problem list,’ up from 90 on March 31 and the highest level in five years. The disclosures were part of a bleak portrait of the banking industry painted by the agency, which said earnings at commercial banks and savings and loans plunged 87% to $5 billion in the second quarter as institutions scrambled to cover bad mortgages and other loans.” (08/27/08)


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