Word: bankses
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The vast majority of the nation's banks are still stable. But the report notes that 12 banks failed last quarter and a total of 25 failed last year. That was the highest number since 1993, when 50 failed. More disturbing, an additional 252 banks, representing $159 billion in assets...
Even for healthier banks, there's an unpleasant picture. In the fourth quarter of 2008, the nation's banks as a group lost $26.2 billion, compared with profits of $575 million for the fourth quarter of 2007. And though nearly half of the losses were concentrated in four big banks...
A higher rate of bank failures is increasing strain on the FDIC's resources. The agency's insurance-fund balance dropped by almost half in the fourth quarter, from $35 billion to $19 billion. To keep funds from dwindling, the FDIC is going to raise deposit-insurance assessment rates beginning...
For the nation's biggest banks, the U.S. Treasury is providing capital infusions and now a detailed stress test. Also, Citigroup announced on Friday the outline of a deal with Treasury to convert the government's holding of Citi preferred stock into common shares. The U.S. Treasury could end up...
On one front, however, the government's actions are paying off. Total deposits in the nation's banks increased in the fourth quarter by $307.9 billion as Americans poured their money into the safety of insured bank accounts. Now the question is, When will banks start to lend?