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Friday, May 21, 2010

FDIC says number of 'problem' banks is growing

FDIC says number of 'problem' banks is growing


FINANCE

FDIC: Number of 'problem' banks increasing
The number of troubled banks kept growing last quarter even as the industry as a whole had its best quarter in two years. The Federal Deposit Insurance Corp. said Thursday that the number of banks on its confidential "problem" list grew to 775 in the January-March period from 702 in the previous quarter.
"The banking system still has many problems to work through, and we cannot ignore the possibility of more financial market volatility," FDIC Chairman Sheila Bair acknowledged. But she added: "The trends continue to move in the right direction." The largest banks showed the most improvement, though a majority of institutions posted gains in net income.
Banks overall posted net income of $18 billion, up from $5.6 billion in the same quarter a year earlier.
In another sign of health, the FDIC's deposit insurance fund, which fell into the red last fall, posted its first improvement in two years. Its deficit shrank by $145 million to $20.7 billion.

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