This is for all you financial statistics junkies out there…
According to the FDIC’s quarterly banking profile, more than one in ten US banks (829 out of 7830) are currently in trouble, and the number appears is climbing, with the number of banks on their “problem list” increased by 7% during the 2nd quarter.
In terms of bank failures, 118 banks have already under in 2010, compared to 140 in all of 2009, and just a handful per year prior to the current economic crisis. In other words, be sure to pay attention to FDIC limits when managing your bank accounts.
The good news is that, for the first time since 2006, the number of loans that are 90 or more days past due declined, falling nearly 5%. The same can be said of loans charged off by banks, which showed a slight year-over-year decline for the first time since the 4th quarter of 2006.
Interestingly, the 2nd quarter of 2010 also marked the first time in 38 years that the FDIC didn’t add any new banks.