Word: bankses
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RBC Capital Markets analyst Gerard Cassidy says the U.S. banking system at the end of 2006 was more exposed to commercial real estate than at any other time that regulators have measured. That exposure, Cassidy believes, could result in as many as 1,000 bank failures by the end of...
Bank analysts and industry watchers say the financial crisis, which has so far been mostly focused on the nation's largest banks, is entering a new phase. Around the country, dozens of banks are nearing insolvency or soon will be. On May 21, BankUnited, based in Coral Gables, Fla., became...
In a deal brokered by the Federal Deposit Insurance Corp., which closes banks that are insolvent or nearly so, BankUnited is being taking over by a group of private-equity investors, including famed vulture investor Wilbur Ross. The group isn't paying much for the bank - because BankUnited isn't...
"Up until a few months ago, I thought we were going to pull through this O.K.," says analyst James Abbott, who follows regional banks for FBR Capital Markets. "But now I am scared. For a lot of banks, this downturn does not look survivable."
As the larger banks did, regional banks made hundreds of billions of dollars in real estate loans. The smaller banks, though, lent mostly to commercial developers and home builders who, as business owners, have been able to hang on longer than the typical strapped consumer. But now that the recession...