Banking industry back in the red

More than one in four banks insured by the Federal Deposit Insurance Corp. lost money during the second quarter, and the number of institutions on the government insurer's "problem list" grew to 416 -- the largest number in 15 years.

A total of 81 insured banks and institutions have already failed this year, and the FDIC's Deposit Insurance Fund has dropped below the level mandated by congress. That could force the FDIC to raise fees banks pay for insurance coverage, or borrow money from the Treasury.

more...

To continue reading sign in to your Premium Member account.

Premium Members have full access to all news archives.

Buy Now Purchase 1-year Premium Membership - $149.95

OR

Buy Now Purchase Monthly Premium Membership - $19.95

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.